In European Equity Markets indices climbed on Monday, as an EU Parliament election showed Europhile parties still performing reasonably well despite a rise in support for nationalists. Germany’s DAX closed about 0.5% higher while France’s CAC climbed 0.3%. Sectors were mostly in positive territory, with autos up nearly 1.5%, getting a boost from the news that Fiat Chrysler and Renault are in early merger talks. Renault jumped over 10%, to the top of the European benchmark, after Fiat confirmed it had filed a proposal for a merger with its French rival.

In Currency Markets the euro held firm in early Monday trade after pro-European Union parties withstood more fragmentation than before to hold on to two-thirds of seats in the EU parliament elections, limiting gains in nationalist opponents. The common currency traded at $1.1211, near its highest levels in 1 1/2 weeks, and off a two-year low of $1.11055 touched on Thursday. The British pound ticked up 0.15% to $1.2731, having regained some ground after Prime Minister Theresa May set out a departure date, bouncing back from a 4-1/2-month low of $1.2605 set on Thursday.

In Commodities Markets oil rose to about $69 a barrel on Monday, supported by Middle East tensions and OPEC-led supply cuts, though concern over the U.S.-China trade dispute and global economy capped gains. Supply cuts – both voluntary by the Organization of the Petroleum Exporting Countries (OPEC) and allies, plus those resulting from U.S. sanctions – have helped Brent crude, the global benchmark, rise by about 29 percent this year. Brent was up 33 cents at $69.02 a barrel, having fallen by about 4.5% last week. U.S. West Texas Intermediate crude was down 30 cents at $58.33.

In US Equity Markets exchanges were closed due to Memorial Day holiday.

In Bond Markets Spanish and Portuguese bond yields were hovering around record lows on Monday morning after a European parliamentary election result that showed pro-EU parties retained a strong majority, bolstering investor sentiment. Spanish 10-year bond yields were close to their lowest levels on record at just above 0.82% while the Portuguese equivalent was at 0.976%, also close to a record low, in thin trading due to holidays in Britain and the United States.