Europe Markets

Europe posts gains despite failed Doha deal


European stocks closed higher on Monday, as oil prices pared losses.

The pan-European STOXX 600 closed around 0.5 percent higher, with London's FTSE 100 index closing provisionally up 0.2 percent. France's CAC ended up around 0.4 percent and Germany's DAX was 0.8 percent higher.

Most Western European industry sectors closed higher.

Across the Atlantic, U.S. stock markets showed slight gains.

Russia's MICEX index was one of Europe's worst-performing bourses, ending the day down more than 1 percent following the news from Doha, Qatar.

A meeting between OPEC and non-OPEC oil producers in Qatar failed to produce a plan to freeze oil production on Sunday.

The deal fell apart after Saudi Arabia said it would not freeze output levels if fellow member Iran did not do the same. However, Iran, which was absent from the talks, has said it is unwilling to freeze production as it seeks to regain its share of the market.

Crude prices tanked over 5 percent following the news, but have since pared losses.

Energy, along with technology, was Europe's worst-performing stock sector, with France's Total among the worst-hit.

Caixabank slides

In corporate news, Spain's Caixabank launched a full takeover bid for Portugal's BPI offering to pay 1.113 euros ($1.26) per share to buy the stake which it doesn't already own. Shares of the Spanish bank closed almost 3 percent lower.

Shares of travel operator TUI lifted the travel and leisure sector into positive territory on Monday, after Berenberg raised its target price for the stock. TUI stock ended trade around 2.3 percent higher.

Autos was another top-performing sector, with BMW leading the way, up around 2.6 percent, after Goldman Sachs raised its rating on the stock from "sell" to "buy".

Saudi Arabia's minister of Oil and Mineral Resources Ali al-Naimi is surrounded by journalists at an OPEC meeting.
Saudi Arabia vs Iran: Blame game begins after Doha

Immofinanz saw shares pop after the Austrian property firm announced a new attempt to merge with fellow company CA Immo. Immofinanz shares closed up around 3.5 percent.

Chipmakers ARM Holdings and Dialog Semiconductor closed more than 3 percent lower. This occurred after a media report suggested tech giant Apple would carry on reducing its production of iPhones, according to Reuters.

Will the US ‘earnings recession’ end soon?

While oil rocked most markets in Asia, Japan's Nikkei index fell more than 3 percent as some of Japan's major exporters including Honda, Toyota and Renesas Electronics suspended production in the aftermath of the 7.3 magnitude earthquake on the island of Kyushu on Saturday.

Elsewhere, Brazilian President Dilma Rousseff lost a decisive impeachment vote in the lower house of Congress on Sunday and appeared almost certain to be forced from office in a move that would end 13 years of leftist Workers' Party rule, Reuters reported early on Monday.

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