European stocks were higher at the start of the first session of the week, on the back of positive Asian markets and a potential £1.47bn bid for UK house builder Countryside Partnerships.
The pan-European Stoxx 600 was up 0.65% in early deals, with all major European bourses higher.
Markets in the US are closed Monday for the Memorial Day holiday, after the S&P 500 and the Dow Jones Industrial Average on Friday snapped losing streaks to post their strongest week since November 2020.
Asia-Pacific rose sharply as sentiment was boosted by a relaxation of Covid controls over the weekend in the major Chinese cities of Beijing and Shanghai.
Oil prices were also higher, with Brent crude trading around $115 dollars a barrel, as European Union leaders were set to meet to discuss a sixth package of sanctions against Russia over its invasion of Ukraine.
“This week price action is likely to be more bullish amid risk-on sentiment lifting equities and cryptos and amid concerns about inadequate supply driven by OPEC+ and the next package of EU sanctions,” said Interactive Investor head of investment Victoria Scholar.
“The softer US dollar is also helping to support the market, which after a strong uptrend has taken a pause for breath, making oil less expensive for importers. At least for now, concerns about slowing demand are taking a back seat particularly as we head into peak US driving season.”
In equity news, shares in Countryside soared after San Francisco-based Inclusive Capital on Monday said it was looking to make a £1.47bn bid, but accused the company of refusing to engage with it.
In-Cap, which holds a 9.2% stake in Countryside, said the possible offer was to buy the remaining shares in the house builder it does not already own for 295 pence each.
Allfunds Group also made strong gains, with the stock up 11%.
