European Shares Mostly Higher In Cautious Trade

European stocks were broadly higher on Monday, as the financial hub of Shanghai lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.

“I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they’re under consideration,” Biden said.

Merger & acquisition news and improved German business sentiment data also offered some support.

Germany’s business climate index rose to 93.0 points in May from a revised figure of 91.9 points in April, according to data from the Ifo Institute released earlier in the day.

The pan European Stoxx 600 edged up 0.2 percent to 431.76 after posting its fifth weekly loss in six weeks.

The German DAX rose 0.4 percent and the U.K.’s FTSE climbed 0.8 percent while France’s CA 40 index was down 0.3 percent, giving up early gains.

Anglo American, Glencore, BP Plc and Shell all rose around 2 percent in London as Shanghai announced plans to ease lockdowns.

Moonpig jumped 8.5 percent after the personalized greeting cards provider agreed to acquire gifting experience firm Buyagift for £124m.

Self-storage provider Big Yellow Group rallied 2 percent after it has conditionally sold its industrial warehouse scheme in Harrow, England, for 61 million pounds.

Retailer Kingfisher added 2.2 percent after reiterating its profit guidance for FY 22/23.

Britvic Plc, a soft drinks maker, advanced 1.5 percent after it entered into an agreement with Citigroup Global Markets Limited, to buy back up to 26.73 million Britvic shares for around 75 million pounds.

Swiss building materials company Holcim Group rose 1 percent after it acquired Louisiana, USA -based Cajun Ready-Mix Concrete.

Deutsche EuroShop AG shares soared 40 percent after a consortium of bidders offered 1.4 billion euros ($1.49 billion) to acquire the shopping-center real-estate firm.

Siemens AG gained around half a percent after its energy arm, Siemens Energy, made a cash tender offer to acquire all outstanding shares in Siemens Gamesa Renewable Energy. Siemens Energy was down 0.7 percent while Siemens Gamesa shares jumped more than 6 percent.

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