- BIS warns of buoyant capital markets
- Eurozone CPI figures awaited
- Brent crude futures slip
FTSE 100: 0.27%
CAC 40: 0.26%
FTSE MIB: 0.27%
IBEX 35: -0.24%
Stoxx 600: 0.24%
European stocks began the last session of the second quarter with a slight advance, with investors in the equity and FX markets apparently brushing off weaker-than-expected Japanese industrial production figures out overnight.
Wall Street ended higher across the board on Friday, with some market commentary referencing supposed progress on the geopolitical front in Ukraine.
Brent crude futures were lower in early trading at $112.69 a barrel. Iraqi government forces have begun an offensive to dislodge ISIS form Tikrit.
The Chicago manufacturing purchasing managers' index due out this afternoon, will centre investors' attention Stateside, although markets are likely to be cautious ahead of Thursday's monthly jobs report.
Acting as a backdrop, on Sunday the Bank for International Settlements, the so-called central bank of central banks, warned that global capital markets are extraordinarily buoyant and called on monetary authorities not to fall into the trap of raising rates "too slowly and too late".
The above comes amid record low levels of volatility, with some traders recalling the similarities between the current situation and the episode of similarly low volatility in the run up to the last financial crisis.
Abbvie comes to London
Shire was leading gains early on in the Footsie after reports that AbbVie's Chief Executive is visiting London in a bid to woo the UK outfit. A fourth takeover bid is thought to be in the offing, with bankers having told the Sunday Times that it could value the firm at over £50 per share.
The US Department of Justice may unveil as soon as today a $9bn settlement with French lender BNP Paribas, Reuters has reported.
From a sector stand-point the best performance was logged by the following industrial groups within the DJ Stoxx 600: Chemicals (0.57%), Media (0.46%) and Food&beverage (0.45%).
Eurozone CPI figures awaited
Eurozone consumer price data for June is scheduled for release at 10:00. Consensus is calling for a 0.5% year-on-year print, although risks of a reading of 0.6% do exist, Barclays Research pointed out last Friday.
Italian producer prices slipped by 0.1% month-on-month in May and by 1.4% versus the same month of a year ago.
Money supply in the Eurozone expanded at a 1% year-on-year clip in May, according to the European Central Bank, ahead of the 0.8% gain expected by economists.
Crude futures move lower
The euro/dollar was up slightly, by 0.08% at $1.3650.
Front month Brent crude futures were down by 0.56% to the $112.67/barrel mark on the ICE.