Finance

European markets open higher amid US-China trade hopes

European markets opened higher on Monday, with investors hopeful of progress in the U.S.-China trade dispute.

The pan-European Stoxx 600 jumped 0.6% after the opening bell, with basic resources adding 1.7% to lead gains as all sectors and major bourses entered positive territory.

U.S. National Security Advisor Robert O’Brien on Saturday said a so-called “phase one” deal with China could still be reached by the end of the year. However, he also emphasized that Washington would not turn a blind eye to the Hong Kong protests.

The embattled city saw the opposition pro-democracy movement make significant gains in local elections this weekend, with Hong Kong’s democrats securing a symbolic majority as residents turned out in record numbers to vote.

In Asia, shares rose as traders monitored the outcome of the Hong Kong vote. The MSCI Asia ex-Japan index gained over 0.3%.

Back in Europe, Britain’s two main political parties have now both launched their manifestos in separate bids to win over the public ahead of a crucial Dec. 12 election.

The opposition Labour party kicked things off last Thursday with a manifesto promising a windfall tax on oil companies and renationalization of some industries, while the Conservatives launched their own plan for the U.K. that would see 50,000 additional nurses in the National Health Service by the end of Parliament.

In corporate news, France’s LVMH has reached a deal to buy U.S. luxury jeweler Tiffany & Co. for $16.3 billion, sources familiar with the matter told CNBC’s David Faber.

As for economic data, investors will be monitoring German business sentiment figures due to be released by the Ifo Institute Monday morning.

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