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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.