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The pan-European Stoxx 600 gained 0.7% in the first transactions with most sectors operating in positive territory. The automotive, banking and technology sectors posted the best performances, up more than 1%.
Referring to the European benchmark, Fiat led gains of more than 7%. The announcement came after the company announced that it had agreed to sell its Magneti Marelli unit to a Japanese company for $ 7.1 billion, Reuters reported. Philips lost 5% of its share, after exceeding analysts' expectations with its third quarter results.
The market was mainly focused on corporate earnings, with several major stocks announcing their latest results. Ryanair's shares rose 3% despite lower than expected earnings in the second quarter of the year. The airline also announced significant progress with its employees to prevent further strikes and investments to ensure timely departures.
Italian stocks saw a relief move on Monday morning after a downgrade in ratings by Moody's that was relatively benign. Shares of Italian banks rose and Italian debt yields fell after Moody's downgraded Italy one year as expected, and gave a "stable" outlook to its performance. sovereignty. UniCredit increased by 3%. Italy would expect the European Commission to reject its draft budget on Tuesday and request a new draft budget, given the expected increase in public spending, Reuters quoted a government source as saying .
On Monday, Premier Theresa May is expected to address the House of Commons to brief her on the latest developments in Brexit. It is likely to tell lawmakers that 95% of the withdrawal agreement is ready.
In Asia, Chinese equities rose 4% following new reports that the authorities had taken steps to support the market. This follows weaker growth figures announced last week.
