Investing.com – European shares closed higher Monday, as the shock of the weekend elections gave way to hope as German Chancellor Angela Merkel stated she will work with the new French socialist president to solve the debt crisis
At the close of European trade, the EURO STOXX 50 closed up 1.55%, France's CAC 40 climbed 1.65% and Germany’s DAX added 0.12%. Meanwhile, in the U.K. the FTSE 100 is closed for a holiday.
The initial risk off fears were fuelled as the weekend Greek election increased doubts of the country complying with the bailout criteria and fuelled fears of a Greek exit from the euro zone.
Neither of the country’s two pro-bailout parties secured enough votes to form a government, as voters favored smaller parties who campaigned against harsh austerity measures.
In France, President Nicolas Sarkozy was defeated by socialist candidate François Hollande, who has been critical of the country's austerity program.
However, German Chancellor Angela Merkel stated that she will accept Francois Hollande with “open arms” as they work together to handle the debt crisis renewing hopes of an end to the economic problems in the euro zone.
Meanwhile, fears that the U.S. economic recovery is losing momentum continued to linger after Friday’s disappointing jobs data.
Official data indicated that the U.S. economy added 115,000 jobs in last month, far short of expectations for a 170,000 increase, after adding an upwardly revised 154,000 jobs in March.
Banks climbed on the news with BNP Paribas and Societe Generale adding 4.3 and 4.4% respectively.
The world’s largest maker of bakery ingredients, CSM, soared 19% when the company announced it will sell its U.S. and European divisions.
Greek shares plummeted on the elections with the National Bank of Greece falling 8.3% and electric company, Public Power Corp falling 14%
Stocks are mixed in the U.S. with the Dow off 0.09%, the S&P 500 up 0.06% and the tech heavy Nasdaq higher by 0.18%.
Investors are anticipating German industrial production, ECB president Mario Draghi and FOMC member Fisher speaking on Tuesday.
At the close of European trade, the EURO STOXX 50 closed up 1.55%, France's CAC 40 climbed 1.65% and Germany’s DAX added 0.12%. Meanwhile, in the U.K. the FTSE 100 is closed for a holiday.
The initial risk off fears were fuelled as the weekend Greek election increased doubts of the country complying with the bailout criteria and fuelled fears of a Greek exit from the euro zone.
Neither of the country’s two pro-bailout parties secured enough votes to form a government, as voters favored smaller parties who campaigned against harsh austerity measures.
In France, President Nicolas Sarkozy was defeated by socialist candidate François Hollande, who has been critical of the country's austerity program.
However, German Chancellor Angela Merkel stated that she will accept Francois Hollande with “open arms” as they work together to handle the debt crisis renewing hopes of an end to the economic problems in the euro zone.
Meanwhile, fears that the U.S. economic recovery is losing momentum continued to linger after Friday’s disappointing jobs data.
Official data indicated that the U.S. economy added 115,000 jobs in last month, far short of expectations for a 170,000 increase, after adding an upwardly revised 154,000 jobs in March.
Banks climbed on the news with BNP Paribas and Societe Generale adding 4.3 and 4.4% respectively.
The world’s largest maker of bakery ingredients, CSM, soared 19% when the company announced it will sell its U.S. and European divisions.
Greek shares plummeted on the elections with the National Bank of Greece falling 8.3% and electric company, Public Power Corp falling 14%
Stocks are mixed in the U.S. with the Dow off 0.09%, the S&P 500 up 0.06% and the tech heavy Nasdaq higher by 0.18%.
Investors are anticipating German industrial production, ECB president Mario Draghi and FOMC member Fisher speaking on Tuesday.