European shares rise in cautious trade, FTSE shines
- Country:
- Bosnia and Herzegovina
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.
Also Read: Basketball-Australia snap United States' winning streak
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
US Coast Guard says boardings of Chinese fishing vessels in South Pacific legal
Germany denies accusations of aiding 'genocide' in Gaza at ICJ
US Coast Guard says boardings of Chinese fishing vessels in South Pacific legal
Taiwan says it detected 10 Chinese military aircraft, 7 naval vessels around nation
Majority of German firms feel unfair competition in China, commerce chamber says