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European shares rise in cautious trade, FTSE shines

Reuters | Updated: 02-09-2019 14:25 IST | Created: 02-09-2019 13:07 IST
European shares rise in cautious trade, FTSE shines
Image Credit: Flickr

European shares opened higher on Monday, driven by a rally in miners, while sentiment remained fragile as the United States and China kicked off the latest round of tit-for-tat tariffs on each other's goods.

Britain's FTSE 100's 0.4% jump led gains, with mining majors such as BHP and Rio Tinto rising on a surge in iron ore prices overnight in top consumer China. Iron ore prices were supported by a pledge on Saturday from Beijing to beef up investment in infrastructure projects and regional development to support a slowing economy. Meanwhile, Washington's 15% tariffs on a variety of Chinese goods came into effect on Sunday, while China began to implement new duties on a $75 billion target list.

However, both sides will still meet for talks later this month, U.S. President Donald Trump said. Trade-sensitive German shares were up 0.1% and the pan-European stocks benchmark index STOXX 600 rose 0.3% by 0714 GMT, beginning September higher after a 1.6% drop in August as the trade war, which has roiled financial markets and raised global recession fears, rages on for more than a year.

With U.S. markets shut for a local holiday, volumes are expected to thin. A slew of official and private manufacturing numbers from the eurozone expected during morning trade may also sway markets. These will come after data from China painted a bleak outlook for its factories.

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