European stocks notched their highest levels since March 2 on Monday as hopes for a deal between the U.S. and Iran rose over the weekend.
The pan-European Stoxx 600 was over 0.8% higher shortly after 10:50 a.m. in London, reaching levels not seen since the U.S. and Israel began a joint assault on the Islamic Republic over 2 months ago. France’s CAC 40 and Germany’s DAX added 1.5% and 1.4%, respectively. Trading volumes are thinner as the U.K’s FTSE 100 is closed for a public holiday.
Stocks in Europe are tracking their Asian counterparts higher after Japan’s Nikkei 225 breached 65,000 on Monday for the first time.
Japan’s headline index hit a record high in holiday-thinned Asia trading after reports that the crucial Strait of Hormuz may reopen soon drove oil prices down and boosted investor sentiment.
President Donald Trump said in a Truth Social post that negotiations with Iran were “proceeding in an orderly and constructive manner,” adding that he had told his representatives “not to rush into a deal in that time is on [their] side.”
Oil prices fell more than 5% after Trump’s comments, easing pressure on investors.
European stocks look set to notch their fifth consecutive day of gains, extending Friday’s rally.
In corporate news, shares in Delivery Hero rose over 11% on Monday morning following a Financial Times report that U.S. rival Uber weighed an improved bid for the German food delivery firm.
Delivery Hero confirmed in a statement on Saturday that it had received a takeover offer from Uber of €33 ($38.29) per share, which would value the company’s market capitalization at over €10bn.
The German company added it “remains fully focused on executing its strategic review process and further updates will be provided as required or appropriate”.
Delivery Hero shares were around 12% higher.
— CNBC’s Justina Lee contributed to this report.
