European Shares Surge On Prospect Of End To US Shutdown
(RTTNews) - European shares were sharply higher on Monday after the United States moved one step closer towards ending the historic government shutdown.
The U.S. Senate voted 60-40 to end the longest-running government shutdown, which entered its 40th day on Sunday.
The bipartisan legislation, which would fund most federal agencies through January and guarantee back pay for federal employees affected by the closure, would now go to the House of Representatives for consideration.
The pan-European Stoxx 600 rose 0.9 percent to 569.94 after falling 0.6 percent on Friday.
The German DAX rallied 1.3 percent, France's CAC 40 surged 0.9 percent and the U.K.'s FTSE 100 was up 0.6 percent.
In corporate news, German automotive and industrial supplier Stabilus rallied 2.7 percent despite reporting a steep decline in preliminary net profit for the full year, mainly due to one-off effects, uncertain market environment and the U.S. tariff policy.
Likewise, steelmaker Salzgitter soared 7.2 percent despite lowering its full-year guidance for the second time this year.
Hannover Re jumped 2.5 percent after lifting its full-year earnings forecast.
Diageo, the world's top spirits maker, climbed 7 percent after it named former Tesco boss Sir Dave Lewis as its new chief executive.
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