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European Markets Higher, Tracking Positive Global Sentiment

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KEY POINTS

No major European earnings are due Monday. On the data front, the latest German industrial production figures are due.
Shares of Dialog Semiconductor rose 17 Monday after Renesas Electronics Corp said it had agreed to buy the Frankfurtlisted chip designer for 4.9 billion euros 5.90 billion in cash.

The panEuropean Stoxx 600 index was 0.4 higher in morning trade, with most sectors in positive territory apart from telecoms, media, and food and beverages.

European market sentiment was buoyed by positive market action elsewhere, although earnings and coronavirus developments remain in focus. News that the more contagious British and South African variants of the coronavirus continue to spread throughout the U.S. is expected to rattle markets. On Friday, Virginia health officials reported the states first case of the strain first identified in South Africa.

On Sunday, South Africa halted distribution of AstraZenecas vaccine after a new study found it offers minimal protection against mild disease caused by the variant first discovered there. Shares of AstraZeneca were flat Monday.

In the U.S., hopes of an agreement over a stimulus plan have also risen after the Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Bidens 1.9 trillion rescue package to get through the Democraticheld Senate with a simple majority.

No major European earnings are due Monday. On the data front, the latest…

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