European shares move higher after Asian gains

LONDON (AFP) - European equities chased Asian markets higher on Monday, with oil-exposed stocks boosted by easing crude prices, as investors awaited Wall Street's reopening after a long US holiday weekend.

London's FTSE 100 index of top shares added 0.15 percent in value to 5,420.80 points in late morning deals.

Nearing the half-way stage, Frankfurt's DAX 30 index won 0.50 percent to 6,303.27 points and the Paris CAC 40 index gained 0.40 percent to 4,283.02.

The Euro Stoxx 50 index of top eurozone shares increased by 0.50 percent to 3,291.56 points.

The euro stood at 1.5644 dollars.

Wall Street markets, which had closed on Friday for the Independence Day holiday in the United States, were to reopen later Monday at 1330 GMT.

Japanese shares jumped by almost one percent on Monday, ending their longest losing streak in 54 years, supported by a weaker yen which boosts exports, dealers said.

In world commodity markets on Monday, oil prices fell from recent record heights as traders mulled an offer from crude producer Iran to hold talks on its nuclear energy drive, analysts said.

Lower crude prices mean that airlines enjoy lower bills for kerosene, or jet fuel, which is distilled from oil.

On Monday, British Airways shares gained 1.78 percent to 200.50 pence in London.

In Paris, Air France-KLM jumped 2.12 percent to 14.45 euros, while Germany's Lufthansa banked 0.96 percent higher to 13.61 euros in Frankfurt.

British mobile phone group Carphone Warehouse topped the risers board on the London FTSE 100 after gaining a broker 'buy' recommendation from US investment bank Goldman Sachs.

Carphone stock surged 4.75 percent higher to 187.5 pence.

On the downside in Frankfurt, German pharmaceutical company Fresenius saw its share price slide 1.27 percent to 35.74 euros.

Fresenius said Monday that it would buy APP, a US specialist in intravenously-administered generic drugs, for at least 3.7 billion dollars (2.4 billion euros).

The German firm will pay 23 dollars per share in cash, and plans to finalise the deal by early 2009 at the latest, pending approval by competition authorities, it said in a statement.

In Asia on Monday, Tokyo's benchmark Nikkei-225 index rose 0.92 percent to end at 13,360.04 points.

The benchmark had fallen for 12 straight sessions before Monday's rise, in the longest losing streak since April 1954, when it declined for 15 straight trading days.

Hong Kong's key Hang Seng Index closed sharply higher on Monday, up 2.28 percent at 21,913.06 points, after the Shanghai bourse surged, dealers said.

Chinese share prices closed up 4.59 percent on Monday after strong earnings forecasts from major banks and remarks by government officials on stabilising the market, dealers said.

In Wall Street deals on Thursday, markets had closed mixed in thin trading ahead of the holiday weekend.

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