European markets hit record highs as oil stocks rally

cnbc-European markets hit record highs Monday as a regional election win for German Chancellor Angela Merkel’s party and extended oil output cuts buoyed investors after a weekend of global security concerns.   The FTSE 100 started trading 0.29 percent higher at 7,456; the DAX opened up 0.22 percent higher at 12,798; and the CAC 40 began the day up 0.04 percent at 5,407. The opens marked record intraday highs for the FTSE and the DAX.
The pan-European Stoxx 600 was trading in the black with most sectors in positive territory in early deals. European markets hit record highs Basic resources and oil and gas led the sector gains after Saudi Arabia and Russia agreed to extend crude oil output cuts until March 2018 in their latest bid to boost flailing oil prices. Oil prices spiked on the announcement and Brent Crude was seen trading at $51.82 dollars per barrel in early deals, up 1.93 percent. Oil giants OMV and Tullow Oil were both seen near the top of the benchmark, up 3.7 percent and 2.9 percent respectively.   Technology stocks were also among the winners Monday morning as cybersecurity firms benefited from a global ransomware attack that reverberated over the weekend, impacting more than 200,000 computers in 150 countries. Inside Secure and Intercede were both trading more than 1 percent higher, while F-Secure was up more than 4 percent. Elsewhere, travel and leisure stocks were lower. Tui traded down 3.9 percent after reporting a second-quarter underlying EBITA loss of 177.7 million euros ($194.2 million). Looking to the day ahead, France’s newly inaugurated President Emmanuel Macron will embark on his first day in office. First on his agenda will be the appointment of his new prime minister and a meeting with German Chancellor Angela Merkel. Britain’s Conservative Party will publish its manifesto ahead of a general election on June 8.

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