European Markets Finished Higher After Crude Oil Rebounds

(RTTNews) - The European markets got off to a weak start Monday, after the meeting of oil producing nations in Doha over the weekend failed to result in an agreement on a production freeze. Crude oil prices were under heavy pressure this morning, but pared those losses as the session progressed. The German economy grew strongly in the first quarter but it is likely to lose momentum in the second quarter, Bundesbank said in its monthly report on Monday.

Domestic factors contributed to growth while exports remained relatively weak in the first quarter. Private consumption benefited from robust consumer sentiment and good weather conditions favored construction, the bank said.

However, the bank warned that sluggish new orders and weak business expectations are likely to weigh on activity in the second quarter. U.K. Chancellor George Osborne said if people votes to leave the European Union, it would leave the nation "permanently poorer".

The loss to the economy from the exit would be equivalent to GBP 4,300 a year for each household by 2030, Osborne wrote in a column published in The Times. The economy would contract 6 percent by 2030, he said.

There would be less trade, less investment and less business. "Leave the EU, and the facts are: Britain would be permanently poorer. Britain's families would be permanently poorer too," he wrote.

The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.32 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.56 percent.

The DAX of Germany climbed 0.68 percent and the CAC 40 of France rose 0.26 percent. The FTSE 100 of the U.K. gained 0.15 percent and the SMI of Switzerland finished higher by 0.37 percent.

In Frankfurt, Commerzbank increased 2.43 percent and Deutsche Bank added 1.89 percent.

BMW climbed 2.91 percent and Daimler rose 1.87 percent. Volkswagen also finished up by 1.28 percent.

In Paris, Car parts maker Valeo advanced 2.18 percent. Renault gained 1.80 percent and Peugeot rose 1.58 percent.

BNP Paribas increased 1.26 percent and Societe Generale climbed 1.24 percent. Credit Agricole also added 0.19 percent.

In London, HSBC Holdings fell 0.49 percent. The Sunday Times reported that CEO Stuart Gulliver is preparing to step down in two years.

Consumer goods giant Reckitt Benckiser Group rose 1.97 percent after reporting slightly better-than-expected quarterly sales growth and affirming its 2016 targets.

Chipmaker ARM Holdings dropped 3.84 percent and Dialog Semiconductor lost 3.26 percent in Frankfurt after the Nikkei business daily reported that Apple will continue its reduced production of iPhones in the quarter ending June in light of sluggish sales.

Berenberg upgraded its rating on shares of both TUI and Thomas Cook Group. The stocks rose 2.31 percent and 0.70 percent respectively.

Energy Assets Group soared 39.75 percent after US-based infrastructure investment firm Alinda Capital Partners agreed to buy the Scottish utility metering specialist at a 40 percent premium to its closing price on Friday.

The average asking price for a house in the United Kingdom was up 1.3 percent on month in April, property tracking website Rightmove said on Monday, climbing to a record 307,033 pounds. That follows the 1.3 percent increase in March.

Home prices in majority of the Chinese cities increased again in March, figures from the National Bureau of Statistics showed Monday. Compared to the previous month, house prices rose 62 cities out of 70 surveyed by the government. It fell in remaining 8 cities.

Homebuilder confidence in the U.S. was unchanged for the second consecutive month in April, the National Association of Home Builders revealed in a report on Monday. The report said the NAHB/Wells Fargo Housing Market Index came in at 58 in April, unchanged from March. The index had been expected to inch up to 59.