European Shares Track Global Market Rally, Boosted by Optimism About Ukraine Summit

European shares rose on Monday, tracking global markets rallying with positive signs, as investors hoped for a solution to the Ukraine crisis after news that US and Russian leaders had agreed in principle to hold a summit on the issue.

The pan-European STOXX 600 index rose 0.6 percent, tracking an increase in risk appetite in the markets after French President Emmanuel Macron said on Monday that U.S. President Joe Biden and his Russian counterpart Vladimir Putin had agreed in principle on a summit on Ukraine.

European auto stocks took the lead, rising 1.3 percent after French auto parts group Forcia forecast an increase in annual sales, as it expects the semiconductor shortage to recede in the second half of 2022.

US markets are closed on Monday for a holiday.