Europe Markets

Europe ends higher as US stocks, oil prices gain

Europe ends higher as US stocks, oil price sees gains

European markets finished higher on Monday, as U.S. stocks rallied and oil prices surged as much as 2 percent.

The pan-European STOXX 600 closed around 0.6 percent higher, after gaining momentum in afternoon trade.

France's CAC provisionally ended 0.7 percent higher, while Germany's DAX unofficially ended 0.9 percent higher. London's FTSE 100 finished up around 0.2 percent.

Peripheral bourses outperformed, with Greece's Athens Composite ending up around 2.1 percent and Spain's IBEX 35 up around 1.2 percent. This came on reports that Greece's negotiations with international creditors over a new bailout, worth 86 billion euros ($94 billion), could conclude on Tuesday.

U.S. stocks traded more than 1 percent higher on Monday, bouncing from sharp declines last week, as encouraging developments in Greece and a Warren Buffett acquisition boosted sentiment.

Precision Castparts surged 19 percent on the news that Buffett's Berkshire Hathaway would acquire the maker of aircraft equipment for $235 a share, in an all-cash deal worth around $37.2 billion.

Oil prices soared after U.S. markets opened, with Brent crude up nearly 3 percent at just over $50 per barrel. U.S. crude gained nearly 2 percent, with prices pushing towards $45 per barrel.

In individual stock news, Sanofi shares popped 1.5 percent after the drug maker said it has teamed up with Evotec and Apeiron to develop new cancer treatments.

European mining stocks jumped on more weak economic data from China, which boosted hopes of further stimulus measures in the world's second-biggest economy.

Vedanta Resources and Lonmin ended roughly 10 percent and 8.5 percent higher respectively, topping the STOXX 600.