Europe: Shares cheer Brexit trade talks extension

[LONDON] European shares rose on Monday, as a decision to extend trade talks between Britain and the European Union kept hopes of an eventual deal alive, but London's blue-chips lagged on a higher pound as well as a 6.3 per cent drop in AstraZeneca.

The pan-European STOXX 600 index rose 0.9 per cent after breaking a five-week winning streak to end 1 per cent lower last week.

Leaders from both sides decided to extend talks beyond a Sunday deadline in an attempt to secure a deal to govern around US$1 trillion in trade, currently free from tariffs and quotas.

The FTSE 100 was flat as gains in most sectors were offset by a slide in AstraZeneca. The drugmaker said over the weekend, it would buy US drugmaker Alexion Pharmaceuticals for US$39 billion in its largest ever deal.

REUTERS