Investing.com - European stocks rallied after the open Monday, rebounding from three-month lows hit in the previous session, as hopes for a resolution to the U.S. fiscal cliff boosted appetite for riskier assets.
Market players also kept an eye on developments regarding Greece’s fiscal woes as well as growing geopolitical tensions in the Middle East.
During European morning trade, the EURO STOXX 50 climbed 1%, France’s CAC 40 gained 1%, while Germany’s DAX 30 rose 1.1%.
Investors continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Sentiment was bolstered after U.S. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."
There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the six weeks left before the January 1 deadline.
Greece also remained in focus. Concerns over the country’s debt woes persisted amid disagreements between the International Monetary Fund and Europe on how best to reduce the country’s debt to manageable levels.
A decision on disbursing the country’s next tranche of aid, worth EUR31.5 billion, was expected Tuesday.
Shares in the financial sector were broadly higher, with Germany’s Deutsche Bank up 2.7%, France’s Societe General gaining 2.6% and Italy’s Unicredit rising 2.3%.
Dutch financial service provider ING Group advanced 1.9% after the European Commission extended a deadline for the company to sell its insurance operations in the region.
Elsewhere, in London, the FTSE 100 rose 0.8%, boosted by strong gains in financial sector stocks and raw material producers.
Shares in Barclays rallied 3.2%, while HSBC Holdings added 1.9%.
Meanwhile, oil giant British Petroleum jumped 2.4% on news the company was planning to buy back USD5.9 billion of its shares after selling its stake in its Russian joint venture TNK-BP to Rosneft.
Mining giants BHP Billiton and Rio Tinto tacked on 1.8% and 1.7% respectively, while copper maker Anglo American advanced 1.7%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.5% at the open, S&P 500 futures signaled a 0.6% increase, while the Nasdaq 100 futures indicated a 0.4% gain.
Later in the day, the U.S. was to release an industry report on existing home sales.
Market players also kept an eye on developments regarding Greece’s fiscal woes as well as growing geopolitical tensions in the Middle East.
During European morning trade, the EURO STOXX 50 climbed 1%, France’s CAC 40 gained 1%, while Germany’s DAX 30 rose 1.1%.
Investors continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Sentiment was bolstered after U.S. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."
There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the six weeks left before the January 1 deadline.
Greece also remained in focus. Concerns over the country’s debt woes persisted amid disagreements between the International Monetary Fund and Europe on how best to reduce the country’s debt to manageable levels.
A decision on disbursing the country’s next tranche of aid, worth EUR31.5 billion, was expected Tuesday.
Shares in the financial sector were broadly higher, with Germany’s Deutsche Bank up 2.7%, France’s Societe General gaining 2.6% and Italy’s Unicredit rising 2.3%.
Dutch financial service provider ING Group advanced 1.9% after the European Commission extended a deadline for the company to sell its insurance operations in the region.
Elsewhere, in London, the FTSE 100 rose 0.8%, boosted by strong gains in financial sector stocks and raw material producers.
Shares in Barclays rallied 3.2%, while HSBC Holdings added 1.9%.
Meanwhile, oil giant British Petroleum jumped 2.4% on news the company was planning to buy back USD5.9 billion of its shares after selling its stake in its Russian joint venture TNK-BP to Rosneft.
Mining giants BHP Billiton and Rio Tinto tacked on 1.8% and 1.7% respectively, while copper maker Anglo American advanced 1.7%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.5% at the open, S&P 500 futures signaled a 0.6% increase, while the Nasdaq 100 futures indicated a 0.4% gain.
Later in the day, the U.S. was to release an industry report on existing home sales.