July 11, 2016 / 7:21 AM / 2 years ago

European stocks open firmer, steelmakers surge

LONDON, July 11 (Reuters) - European shares rose for the third straight session on Monday helped by a rally in shares of steelmakers and financials.

ThyssenKrupp, up 5.6 percent in early trading, rose after it confirmed it was in talks with Tata Steel over sector consolidation.

The pan-European STOXX 600 index rose 0.8 percent. It is still down about 10 percent so far in 2016, having lost ground after Britain’s shock vote last month to leave the European Union.

ThyssenKrupp, Germany’s biggest steelmaker, said it was in talks with India’s Tata Steel about a consolidation of beleaguered European steel mills that are hit by overcapacity, weak demand and cheap imports.

Shares in Italian bank Monte Paschi also climbed 7.2 percent, with Italian newspapers reporting that bank rescue fund Atlante will soon take on an additional role to soak up bad loans from Monte Paschi. (Reporting by Sudip Kar-Gupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below