European stocks open higher

European stocks opened higher Monday, June 12, at the start of a week full of important central bank meetings on monetary policies, and shares of the Swiss drug company Novartis rose after it agreed to buy the US-based Chinook.

The pan-European Stoxx 600 index rose 0.3%.

The Federal Reserve, European Central Bank and Bank of Japan all hold important meetings this week.

The US Federal Reserve is expected to keep interest rates unchanged on Wednesday at the conclusion of its two-day monetary policy meeting, while the European Central Bank is expected to raise interest rates by another quarter of a percentage point on Thursday to tame runaway inflation.

Novartis shares rose 1.1% after the company said it had agreed to acquire Seattle-based Chinook Biotechnology Corp. in a deal worth up to $3.5 billion.

The European healthcare sector index rose 0.6%, and German sportswear maker Adidas jumped 3.1%.