Investing.com - European shares were subdued on Monday as investors awaited developments at a Eurogroup meeting on Greece later in the day, but Britain’s FTSE index re-approached last week’s record highs.
London’s FTSE 100 put on 31.79 points, or 0.43%, to 7502.5 in early trading, boosted by gains in commodity related stocks and a fall in the pound.
Mining groups, including Anglo American (LON:AAL), Antofagasta (LON:ANTO) and Fresnillo (LON:FRES), were among the risers, following gains in Asia overnight, as Brent oil headed back to $54 per barrel.
Oil prices hit the highest levels in around four weeks on growing expectations that members of Organization of the Petroleum Exporting Countries will agree to extend production cuts when they meet later this week.
Sterling came under pressure, with GBP/USD falling 0.39% to 1.2983 after polls showing that the Conservative Party’s lead has narrowed to nine points ahead of the June 8 UK election, from around 20 points early in the campaign.
In Germany, the DAX edged up 0.16% after the open as investors hoped for a week of consolidation after a growing U.S. political scandal rattled markets last week.
With U.S. President Donald Trump on a trip to the Middle East, the steady stream of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s presidential election has receded.
France’s CAC 40 gained 0.19%, while the Euro Stoxx 50 was little changed.
Euro zone finance ministers were due to meet in Brussels later Monday to discuss Greece’s bailout loans after the latest package of austerity measures was approved by Greek MPs last week.
Greece faces €7 billion of debt repayments in July and Athens is also hoping that the Eurogroup will take another step towards debt relief.