European markets rise as trading begins; Philips shares tumble more than 15%
European markets were higher as trading began on Monday as investors reviewed the geopolitical situation in the Middle East.
The pan-European Stoxx 600 was up 0.4% at 8:39 a.m. London time, with most regional bourses and sectors starting the day in positive territory.
Shares of Dutch medical devices giant Philips were last down 15.9% at 8:38 a.m. London time after initially failing to open. The company on Monday said it was cutting its full-year sales outlook due to weak demand from China.
Market participants will also be digesting a cooling geopolitical situation in the Middle East Monday after weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as feared. Oil prices slid more than 4% Monday, although Citi analysts discounted the chance of an escalation that disrupts oil supplies.
Source: CNBC