INSUBCONTINENT EXCLUSIVE:
LONDON: European shares were slightly higher in early deals on Monday as soothing comments from Washington and Beijing about trade frictions
between world's top two economies provided some salve for investors after a bruising year in equity markets.
The STOXX 600 was up 0.3 per
cent by 0833 GMT, continuing to claw back from multi-year losses hit on Thursday.
France's CAC 40 was up 0.6 per cent, Spain's IBEX was
up 0.5 per cent while Britain's FTSE 100 was up 0.2 per cent
Volumes were thin with German and Milan bourses shut and London and Euronext closing early ahead of New Year's Eve celebrations.
Market
mood brightened slightly after US President Donald Trump said he held a "very good call" with China's President Xi Jinping on Saturday to
discuss trade and claimed "big progress" was being made.
Chinese state media were more reserved, saying Xi hoped negotiating teams could
meet each other half way and reach an agreement that was mutually beneficial.
Still, investors were heading into year-end licking their
wounds after a torrid year amid lingering worries about slowing global economic growth amid prolonged trade spat and expectations of more US
interest rate hikes.
Highlighting some of those concerns, data on Monday showed China's factory activity contracted for first time in over
two years in December, as world's second-largest economy lost further momentum.
The pan European STOXX 600 was on track for its worst year
in a decade, while euro-zone stocks were set for worst performance since 2011.
The mining and resources sector was biggest gainer in early
deals on Monday, up 0.9 per cent, buoyed by stronger copper prices even as most industrial metals headed for losses in 2018.
In individual
moves, APRIL surged to its highest since May 2011 after Private equity firm CVC Capital Partners said it was in exclusive talks with French
peer Evolem to buy its majority stake in French insurer
