European shares shrug off Doha deal failure to end higher

lunes 18 de abril de 2016 12:36 GYT

* FTSEurofirst 300 edges up 0.4 pct

* TUI leads travel stocks higher after upgrade

* Autos also gain, with BMW up

* Caixabank falls after launching bid for Banco BPI (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development)

By Alistair Smout and Danilo Masoni

LONDON/MILAN, April 18 (Reuters) - European shares recovered on Monday after a weak open, with auto and travel stocks gaining and the energy sector off its lows after a meeting by major exporters in Doha collapsed without a deal to freeze output.

A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices.

The failure to agree a deal put pressure on the oil and gas sector, with the STOXX Europe Oil and Gas index slipping 0.2 percent, although oil had trimmed its steepest losses by the close.

The pan-European FTSEurofirst 300 index touched its lowest intraday level since Wednesday, before turning higher to trade up 0.4 percent at 1,355.26 by the close, following U.S. shares up in afternoon trade.   Continuación...