European Shares Climb On Fed Rate Cut Hopes

(RTTNews) - European stock traded higher on Monday, with hopes for a Federal Reserve rate cut in December and signs of progress on a Ukraine peace plan helping boost investor sentiment.

Meanwhile, traders shrugged off the results of a survey, which showed German business morale unexpectedly fell in November.

The ifo institute said its business climate index fell to 88.1 in November from 88.4 in October. Economists had expected a score of 88.6.

The pan European Stoxx 600 jumped 0.7 percent to 566.04 after logging its steepest weekly drop since late July on Friday.

The German DAX rallied 1.3 percent, France's CAC 40 climbed 0.6 percent and the U.K.'s FTSE 100 added half a percent.

BHP Group rose about 1 percent. The mining giant confirmed it held preliminary discussions with rival miner Anglo American but said it was now "no longer considering a combination of the two companies." Shares of the latter were up half a percent.

Julius Baer tumbled nearly 4 percent. The Swiss private bank said it has booked an additional 149 million Swiss francs in loan-loss provisions.

Dutch technology investor Prosus was little changed despite nearly doubling its half-year core profit.

German pharma company Bayer surged 10 percent after reporting positive study results for its anticoagulant asundexian.