European shares track global markets higher on Ukraine summit optimism

European shares rose on Monday, tracking signs of relief in global markets, on investor hopes of a resolution to the Ukraine crisis after U.S. and Russian leaders reportedly agreed in principle to holding a summit on the issue.

The pan-European STOXX 600 rose 0.6%, tracking a risk-on tone in markets after U.S. President Joe Biden and his Russian counterpart Vladimir Putin agreed in principle to a summit over Ukraine, French President Emmanuel Macron said on Monday, offering a possible path out of one of the most dangerous European crises in decades.

European auto stocks were in the lead, gaining 1.3% after French car parts group Faurecia forecast a rise in annual sales, as it expects semiconductor shortages to ease from the second half of 2022.


Worldline jumped 3.3% after the payments company entered exclusive talks to sell its TSS terminals business to U.S. financial company Apollo Funds in a deal potentially worth around 2.3 billion euros ($2.6 billion).

French vaccine maker Valneva gained 3.7% after saying its Scottish unit has received a grant of up to 20 million pounds ($27 million) to partly fund the research and development of manufacturing its COVID-19 vaccine VLA2001.

U.S. markets are closed on Monday for Presidents Day holiday.