(MENAFN– ecpulse)
European shares kicked-off the week higher in the wake of the first weekly drop in seven weeks after Tehran and world powers agreed on a deal to limit its nuclear program.
- Stoxx 600 gained 0.38 percent or 1.23 points to 324.00
- Stoxx 50 gained 0.46% to 3069.98 . As of 04.02 a.m. EST.
Ahead of data on French manufacturing, Christian Noyer , a member of the central bank’s governing council, said earlier Monday that European inflation should move towards 2 percent before the euro-area’s low interest rates are reconsidered.
Nuclear Accord
Iran agreed yesterday to curtail nuclear activities in return for easing of some sanctions on oil, auto parts, gold and precious metals, the first major crack in a decade-long deadlock.
Iran agreed to limit its nuclear program in exchange for as much as $7 billion in relief from economic sanctions over six months.
Political leaders including Iranian Foreign Minister Mohammad Javad Zarif and U.S. Secretary of State John Kerry announced the pact yesterday after five days of talks in Geneva.
Iran and the six countries it has entered a pact with -- the U.S., U.K., Germany, France, Russia and China -- aim to conclude a comprehensive deal within six months. Under the agreement, Iran must improve cooperation with United Nations monitors, commit to eliminate its stockpile of uranium enriched to 20 percent levels and halt advanced centrifuge installation, the White House said in a statement.
Corporate News
Peugeot gained 3.91 percent to 10.66 Euros after two people familiar with the matter said CEO Philippe Varin plans to step down next year and hire former Renault SA Chief Operating Officer Carlos Tavares as his replacement.
Europe’s second-largest carmaker is also likely to benefit from the Iran deal. The country was Peugeot’s second-biggest market after France in 2011.
Orange advanced 0.63 percent to 9.58 Euros as people familiar with the matter said France’s biggest phone company may announce a sale of its Dominican Republic unit to Altice as soon as this week.
Fresenius Medical Care , the world’s biggest provider of kidney dialysis, climbed 8.22 percent to 51.90 Euros, as Medicare & Medicaid Services issued a final rule on Nov. 22 that keeps payments to companies including Fresenius Medical Care unchanged for 2014. The original proposal was for a 9.4 percent cut.
-The British FTSE 100 gained 0.36% or 24.33 points to 6698.63
-The French CAC 40 gained 0.45% or 19.10 to 4297.63
-Frankfurt’s DAX 30 gained 0.25% or 22.96 points to 9219.04
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