European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority.
Markets were also buoyed as pro-European parties retained a firm grip on the EU parliament, provisional results from the bloc’s elections showed, though eurosceptic opponents saw strong gains. “The impression of a fragmented political system remains, but perhaps when all is said and done, the message will be that Brexit has reduced appetite to leave the EU,” said Kit Juckes, FX strategist at Societe Generale.
European government bond markets were little moved with the spread between the German 10-year bond yield, considered one of the world’s safest assets, and the Italian 10-year government bond yield little moved after initially narrowing. Escalating trade tensions between the United States and China have rattled investors in recent weeks, pressuring stocks lower just as concerns build about weakening momentum in the world’s largest economies.
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