Europe: Stocks open higher

[LONDON] European stock markets opened higher on Monday as investors look past concerns about looming US interest rate hikes and China's slowing economy.

London's FTSE 100 was up 0.4 per cent at 7,574.16 points as Unilever confirmed that it was pursuing a bid for a consumer health care unit jointly owned with pharmaceutical groups GlaxoSmithKline and Pfizer after an initial offer of £50 billion (S$91.7 billion) was rejected.

Frankfurt's DAX rose 0.1 per cent at 15,901.88 points, while the Paris CAC 40 jumped 0.2 per cent at 7,158.37 points.

Michael Hewson, analyst at CMC Markets UK, said that with US indices closed for a holiday, "the only drivers for markets this week will be the continuation of Q4 (fourth quarter) earnings season" this week.

UK economic data will also be in focus this week, along with Bank of Japan decisions, he said.

Markets have seesawed in recent days over concerns that the US Federal Reserve will launch a series of interest rate hikes this year to tame decades-high inflation.

China, meanwhile, reported Monday that its pandemic-defying economic growth slowed in the final months of 2021.

AFP