European shares start August higher on US-Iran diplomacy hopes

European shares edged ‌higher on Monday to start August on a strong note after U. S. President Donald Trump said talks with Iran were due ​later in the day, lifting hopes of ​a diplomatic breakthrough that could ease soaring ⁠oil prices. The pan-European STOXX 600 index was up ​0. 4% at 651. 88 by 7: 09 GMT Energy stocks fell 2% ​as oil futures dropped about 5. 9% after Trump held off on a fresh attack on Iran, seeking a quick ​deal to curb Tehran’s nuclear ambitions and reopen ​the Strait of Hormuz. Travel and leisure sector, on the other ‌hand, ⁠gained 2. 1%. European shares fall as mixed luxury company earnings weigh The benchmark STOXX 600 rose more than 1% in July, with strong earnings helping offset concerns over the U. S. -Iran conflict, which had pushed Brent ​crude above $90 ​a barrel. ⁠Europe is particularly exposed to higher energy costs because of its reliance on ​oil imports. Prysmian rose 1. 5% after agreeing to ​buy ⁠U. S. electrical products maker Atkore for $95 per share in cash, implying an enterprise value of about $3. 8 billion. AstraZeneca ⁠shares ​tumbled 7% after a reported possible ​combination of the European pharmaceutical giant with U. S. -based Bristol Myers Squibb.

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