LONDON — European stocks were higher Monday with markets tracking positive sentiment in Asia and the U.S.
The pan-European Stoxx 600 index was 0.4% higher in morning trade, with most sectors in positive territory apart from telecoms, media, and food and beverages.
European market sentiment was buoyed by positive market action elsewhere, although earnings and coronavirus developments remain in focus. News that the more contagious British and South African variants of the coronavirus continue to spread throughout the U.S. is expected to rattle markets. On Friday, Virginia health officials reported the state's first case of the strain first identified in South Africa.
On Sunday, South Africa halted distribution of AstraZeneca's vaccine after a new study found it offers "minimal protection" against mild disease caused by the variant first discovered there. Shares of AstraZeneca were flat Monday.
In the U.S., hopes of an agreement over a stimulus plan have also risen after the Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden's $1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority.
No major European earnings are due Monday. On the data front, the latest German industrial production figures are due.
Shares of Dialog Semiconductor rose 17% Monday after Renesas Electronics Corp said it had agreed to buy the Frankfurt-listed chip designer for 4.9 billion euros ($5.90 billion) in cash.
Meanwhile, shares of water and waste management firm Veolia were down 1.2% Monday after a French court blocked any hostile takeover of its smaller rival Suez, whose shares were 1.45% lower in early trading.
-CNBC's Pippa Stevens contributed to this market report.
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