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Euro Stoxx 600 extends gains as Dax turns positive

FXStreet (Mumbai) - The pan-European Euro Stoxx 600 index extended gains on Monday after the German equity index DAX erased almost 1% losses to trade moderately higher on the day.

The Stoxx 600 index currently trades 1.10% higher at 358.83 levels, erasing almost entire losses seen on Friday. Earlier today, the shares in London and Paris were upbeat, but in Frankfurt the index faced the brunt of a drop in automobile stocks due to Volskwagen's diesel exhaust cheating scam.

In London, the FTSE 100 was up almost 1% at 6,163.80, while in Paris the CAC 40 was up 1.45% at 4,601.80. In Frankfurt, the DAX was up 0.40% at 9,555.50.

Among stocks, Volkswagen crashed by more than 20%, while rivals BMW and Daimler, skidded more than 3.5% each. Meanwhile, the positive side includes names like satellite communications group Inmarsat, which was up 2.18%.

US home sales and Canadian wholesale trade data in focus - TDS

Ned Rumpeltin, European Head of Currency Strategy at TD Securities, suggests that the week is off to a rather quiet start as markets continue to digest the Fed’s decision last week to wait on raising rates and we have only the US existing home sales and Canadian wholesale trade reports on tap.
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