European shares zoom to 5-month high on back of Moncler, WPP

European shares rose to five-month highs at the open of the first trading day of March as a fresh batch of corporate updates helped drive a risk-on mood after U.S. President Donald Trump earlier fueled some concerns over trade talks with China.

The pan-regional STOXX 600 index was up 0.5 per cent by 0825 GMT to above 374 points, a level not seen since October 8, 2018. Gains spread across all regional bourses and sectors at the exception of telecoms, down 0.8 per cent.

The sector, a traditional defensive play, suffered from the 5 per cent fall experienced by Belgium's Proximus after it published disappointing results. Italian luxury group Moncler stole the spotlight with its 2018 results, which broker Jefferies called "remarkable", and rose 8.7 per cent.

Britain's WPP, the world's biggest advertising company, came close with a 6.6 per cent rise after its full-year results came as a relief amid fears the industry is facing structural headwinds.