Europe Markets

Europe closes marginally higher ahead of Yellen speech


European stocks closed marginally higher on Monday following a cautious lead from Asia and a shaky start to the trading session.

The pan-European Stoxx 600 index closed 0.43 percent higher Monday after opening 0.3 percent lower.

Miners were among the best performers on the index; Rio Tinto was trading 6.7 percent higher, BHP Billiton was up 6.6 percent and similar increases were seen in shares of Anglo American, Glencore and Antofagasta.

Valeo, an automotive supplier based in France, was the worst performer, its stock down 66 percent following a stock split. Barclays revised its price target to 53 euros from 160 euros to reflect the stock split.

In the U.S., Wall Street also edged higher on the open with the Dow Jones Industrial Average up 0.3 percent and the broader S&P 500 up 0.25 percent.

European shares followed the mixed start to the week seen in Asia on Monday where Japanese shares took a tumble. The mixed trade came after a disappointing May jobs report in the U.S. on Friday weakened the dollar and bolstered regional currencies, including the yen.

U.S. non-farms payroll showed the country created 38,000 jobs in May, well below the 162,000 expected. The numbers cast doubts over the strength of the economic recovery and a possible Federal Reserve rate hike in June or July. Markets are awaiting a speech by Fed Chair Janet Yellen later on Monday for further clues on the central bank's direction of travel.

Oil prices rose Monday as the decline in the U.S. dollar (which makes dollar-denominated oil imports cheaper) was seen spurring fuel demand, although traders said plentiful supplies capped increases, Reuters reported.

In other news, the majority of Swiss voters rejected a proposal to introduce a guaranteed basic income for everyone in a vote on the matter on Sunday.

There are no major earnings or data releases Monday however Federal Reserve chair Janet Yellen was scheduled to speak later Monday on the economic outlook and monetary policy at the World Affairs Council of Philadelphia at 12:30 p.m., ET.

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