Bank stocks are winners Monday on the back of the U.S. Senate's progress
European stocks jumped Monday, with German blue-chips surging by the most in a month, after lawmakers in Washington moved closer to getting a major package of U.S. tax cuts and reforms signed into law.
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What markets are doing: The Stoxx Europe 600 advanced 0.6% to 386.45. All sectors moved higher, led by industrial and financial stocks. On Friday, the benchmark fell 0.7% (http://www.marketwatch.com/story/european-stocks-dragged-lower-shaken-by-washingtons-tax-reform-delay-2017-12-01).
Germany's DAX 30 index leapt 1.1% to 13,004.37, on course for its biggest rise since Nov. 1, according to FactSet data. France's CAC 40 put on 0.9% to 5,361.87 and Spain's IBEX 35 moved up 0.7% to 10,157.20.
Italy's FTSE MIB rose 1.1% to 22,340.80 and in London, the FTSE 100 bulked up 0.8% to 7,358.31.
The euro traded at $1.1866, down from $1.1896 late Friday in New York.
What's moving markets: European stocks kicked higher along with U.S. equity futures after the U.S. Senate passed a Republican-sponsored proposal for tax reform almost entirely along party lines (http://www.marketwatch.com/story/senate-passes-tax-bill-advancing-top-republican-priority-2017-12-02) on Saturday. Only Democrats and Tennessee Republican Bob Corker voted against it.
Read:Trump celebrates tax-bill victory as opponents vent their fury via #TaxScamBill (http://www.marketwatch.com/story/trump-celebrates-tax-bill-victory-as-opponents-vent-their-fury-via-taxscambill-2017-12-02)
The House and Senate now must agree on a single tax bill before it can be sent to President Donald Trump to sign into law. Trump and his fellow Republicans have been promising to deliver cuts in corporate and individual taxes. Stock markets worldwide throughout the past year have been pushed to record highs in anticipation that Republicans would come through with what they've touted as business-friendly tax changes.
Meanwhile, there are reports Monday that there's been progress in Brexit talks over the weekend. U.K. Prime Minister Theresa May was scheduled to meet with European Commission President Jean-Claude Juncker in Brussels on Monday. The issue of the Irish border has still to be settled, and that is seen as key before the meeting between the two leaders.
Stock movers: Bank stocks were winners Monday on the back of the Senate's progress over the weekend. The Stoxx Europe 600 Bank Index bounced up 1.1%. There, shares of Germany's Deutsche Bank AG (DBK.XE) gained 1.7% and topped the DAX 30 index. Spain's Banco Santander SA (SAN) rose 1.4%, U.K.-based Barclays PLC (BCS) (BCS) bulked up 3% and France's Société Générale SA (GLE.FR) tacked on 1.7%.
Shares in Dialog Semiconductor PLC (DLG.XE) dived 14% after the company acknowledged it eventually could lose (http://www.marketwatch.com/story/dialog-dives-14-after-saying-it-could-lose-some-apple-business-2017-12-04) some of Apple Inc.'s (AAPL) business.
(END) Dow Jones Newswires
December 04, 2017 04:48 ET (09:48 GMT)