Europe stocks rally on U.S. debt-talk progress

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Europe stocks rally on U.S. debt-talk progress
from MarketWatch.com - MarketPulse
LONDON (MarketWatch) -- European stock markets rallied at the open on Monday, as investors cheered progress in fiscal negotiations in the U.S. over the weekend. President Barack Obama and House Minority Leader Nancy Pelosi (D., Calif.) both expressed optimism that a deal can be reached to avert the so-called fiscal cliff. The Stoxx Europe 600 index rose 0.8% to 264.94, regaining parts of a 2.7% loss from last week. Banking shares posted some of the biggest gains, with those of Deutsche Bank AG up 2.4% and shares of Commerzbank AG 1.9% higher in Frankfurt. The DAX 30 index added 1% to 7,018.52. In the U.K., shares of oil firms were also on the rise. BP PLC shares gained 2.2% and Royal Dutch Shell PLC picked up 0.9%. The FTSE 100 index traded 0.9% higher at 5,654.20. France's CAC 40 index rallied 1% to 3,376.03, with shares of Credit Agricole SA up 2.2%.