Europe: Shares rise in cautious trade, FTSE shines
[LONDON] European shares opened higher on Monday, driven by a rally in miners, while sentiment remained fragile as the United States and China kicked off the latest round of tit-for-tat tariffs on each others goods.
Britain's FTSE 100's 0.4 per cent jump led gains, with mining majors such as BHP and Rio Tinto rising on a surge in iron ore prices overnight in top consumer China.
Iron ore prices were supported by a pledge on Saturday from Beijing to beef up investment in infrastructure projects and regional development to support a slowing economy. Meanwhile, Washington's 15 per cent tariffs on a variety of Chinese goods came into effect on Sunday, while China began to implement new duties on a US$75 billion target list.
However, both sides will still meet for talks later this month, US President Donald Trump said.
Trade-sensitive German shares was up 0.1 per cent and the pan-European stocks benchmark index STOXX 600 rose 0.3 per cent by 0714 GMT, beginning September higher after a 1.6 per cent drop in August as the trade war, which has roiled financial markets and raised global recession fears, rages on for more than a year.
With US markets shut for a local holiday, volumes are expected to thin.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
US dollar holds steady as investors wait for Fed guidance
US stock settlement switch faces early resilience test
STI ends Monday almost flat as market faces reality check
Japan’s inexperienced investors fall for scams ‘like babies’
Asia: Markets rise as traders cheered by China property plan
Singapore shares open almost flat on Monday; STI down 0.04%