European markets close higher amid rising oil prices, Nestle-Starbucks tie-up


European markets closed above the flatline Monday, as investors digested further earnings and pushed capital into the energy sector.

The pan-European Stoxx 600 closed provisionally up by 0.6 percent. In the U.K., markets are closed due to a public holiday.

Food and beverage was among the top performing sectors, up by 0.7 percent. Kerry group drove the sector higher, up by nearly 3 percent. The company reported last week a 3.7 percent increase in volumes during the first quarter of the year. At the same time, the sector received news that Nestle will pay $7.15 billion to Starbucks to market the products of the U.S. coffee firm around the world. Nestle shares rose 1.3 percent.

Technology stocks took the lead Monday. At the top of the sector was Austria Microsystems, up by 3 percent. The company is one of the suppliers of Apple. Comments from Warren Buffett over the weekend that he had made a wrong call on the stock has increased investor focus on Apple.

Air France sank to the bottom of the index, down by around 10 percent. This was after comments from Bruno Le Maire, the finance minister of France, stating that the government would not bailout the airline.

Oil futures touched their highest level since late 2014 on Monday.

Prices were climbing on the back of concerns surrounding Venezuela’s oil exports and the future of the Iran nuclear deal. At 16:30 p.m. London time, Brent hovered around $76 per barrel, while U.S. WTI jumped to the $70.5 mark.


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