Europe open: Stocks start higher despite BIS warning and Middle East tensions
Allianz SE
€265.50
19:59 26/04/24
European stocks began the week trading on the frontfoot despite a warning from the Bank of International Settlements about risks to global growth and simmering tensions in the Middle East.
Altice
€0.00
08:15 09/09/22
DJ EURO STOXX 50
5,006.85
23:58 26/04/24
EDF
€12.00
16:30 24/04/24
Prisa
€0.34
18:15 26/04/24
Xetra DAX
18,161.01
20:00 26/04/24
As of 0826 BST the benchmark Stoxx 600 was higher by 0.64% or 2.48 points to 390.01, alongside gains of 0.50% or 63.75 points in Germany's Dax to 12,797.83 and a rise of 0.77% or 40.50 points in the French Cac to 5,306.62.
Italian banks were in focus following the somewhat controversial rescue at the weekend of two ailing lenders from the Veneto region.
Intesa San Paolo made off with the good assets of the two after receiving €5.2bn in fresh funding and guarantees from Rome, with officials having offered to provide up to €12bn in further guarantees if needed to cover bad loan losses at the two banks.
Acting as a backdrop, in its latest annual report the BIS issued a stark warning, saying the build-up of debt in emerging markets might derail the global economic recovery.
In parallel, reports indicated Turkey was getting ready to dispatch as many as 1,000 soldiers to Qatar following Turkish president Recep Tayyip Erdogan's criticism of the multiple concessions asked of the Persian Gulf country by its neighbours, led by Saudi Arabia.
On a cheerier note, America's trade representative, Robert Lighthizer, said talks between the US and the European Union to finalise the Transatlantic Trade and Investment Partnership would resume after the German elections.
Still on the economic calendar for Monday, French jobseekers data for May was set for release at 1700 BST.
Investors were also watching for any remarks from European Central Bank president Mario Draghi or other Governing Council members out of the ECB forum on central banking in Sintra, Portugal.
During the US session, the focus would be on the latest US durable goods orders data at 1330 BST.
Italian banks in focus
Italian lender Intesa San Paolo was on the frontfoot after having taken over the good assets of Veneto Banca and Banca Popolare di Vicenza for €1.0 at the weekend after receiving €5.2bn in funding and guarantees from Rome.
EDF's Hinkley Point C nuclear power project was facing budget overruns of between €1.0bn abnd €3.0bn as a result of possible delays of up to two years, Le Monde reported.
Germany's Allianz agreed to sell 90% its stake in private lender Oldenburgische Landesbank to US private equity outfit Apollo for €300m.
Altice said it was holding exploratory talks with Spanish media outfit Prisa about a possible bid for Media Capital.