European Shares Rise On Easing Omicron Worries

European stocks were moving higher on Monday, as worries about the Omicron coronavirus variant eased, with a South African health official saying that the variant caused mild infections.

Elsewhere, top U.S. infectious disease official Anthony Fauci told CNN that scientists need more information before drawing conclusions about Omicron’s severity.

Chinese Premier Li Keqiang’s comments on cut in reserve requirement ratios also helped underpin investor sentiment.

Energy stocks topped the gainers list after top exporter Saudi Arabia hiked prices for crude sold to Asia and the United States.

The pan European Stoxx 600 rose 0.8 percent to 466.46 after declining 0.6 percent on Friday.

The German DAX climbed 0.9 percent, France’s CAC 40 index gained 0.7 percent and the U.K.’s FTSE 100 was up 0.9 percent.

TotalEnergies jumped 2.1 percent, while BP Plc and Royal Dutch Shell both rose about 1.8 percent as oil prices rose by more than $1 a barrel after the Saudi price hike.

Shipping firm Clarkson jumped 4.3 percent after raising its annual profit outlook.

Victrex, a supplier of polymers, rallied 3.4 percent after pretax profit and revenue increased for fiscal 2021.

Online food ordering company Just Eat lost 4 percent after Bernstein downgraded its rating on the stock.

Plane maker Airbus SE added 1.2 percent in Paris. The company announced that The Helicopter Company, the first and only helicopter services provider in Saudi Arabia, has signed a second purchase agreement with Airbus Helicopters.

Construction materials company Saint-Gobain gained 1.3 percent after announcing it would buy U.S.-based GCP Applied Technologies in a deal valued at around $2.3 billion.

In economic releases, German factory orders declined sharply in October, data released by Destatis showed earlier in the day.

Factory orders decreased 6.9 percent month-on-month in October, reversing a 1.8 percent rise in September. Economists had forecast a moderate fall of 0.5 percent.

On a yearly basis, factory orders dropped 1 percent, in contrast to the 10.3 percent rise a month ago.

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