European stocks were higher on Monday as markets kept an eye on oil prices ahead of a crunch meeting of the OPEC+ oil-producing alliance, while data shwoed euro zone business activity surged in June.
The pan-European Stoxx 600 gained 0.4% by mid-afternoon, having fluctuated either side of the flatline. Banks jumped 1.7% to lead gains while tech stocks slid 0.3% lower.
The choppy session for Europe comes against a similar backdrop overnight in Asia-Pacific, where shares were mixed in Monday trade as Brent crude futures hovered above $76 ahead of another meeting between OPEC and its allies.
The group, known as OPEC+, is holding crunch talks on Monday following disagreements in the group last week over extending the duration of oil production cuts. The United Arab Emirates objected to the move so talks continue on Monday.
Read more: UAE ‘unconditionally’ supports OPEC+ supply increase, but says no to a bad deal
Tech shares in Asia were also mostly lower, and particularly shares of Chinese tech firms in Hong Kong which fell in Monday trade as regulatory fears resurfaced.
June's final euro zone purchasing managers' index showed business activity expanding at its sharpest rate for 15 years as Covid-19 restrictions were unwound across the continent. IHS Markit's final composite PMI reading came in at 59.5, up from 57.1 in May and ahead of a "flash" estimate of 59.2.
British Prime Minister Boris Johnson will outline plans for the final phase of lifting Covid-19 restrictions in England on Monday.
In terms of individual share price movement, British supermarket chain Morrisons surged more than 11% in early trade after a third private equity group joined the race to acquire the company.
At the bottom of the European blue chip index, Dutch tech investment firm Prosus fell 6.1% after China escalated its crackdown on newly-listed ride hailer Didi.
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July 05, 2021 at 12:06PM
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European markets advance; oil price watched ahead of OPEC+ talks; Morrisons up 11% - CNBC
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