European shares climb ahead of data and OPEC meeting; Moncler up 11%

European shares moved higher Thursday morning as investors monitored U.S.-China trade, data releases and an OPEC meeting.

The pan-European Stoxx 600 was 0.3 percent higher with most sectors trading in the black. Household goods was among the top-performing sectors on reports that Kering is considering buying the Italian brand Moncler. Shares of the latter rose 11 percent in early deals.

Overall, investors are closely monitoring trade talks between China and the U.S. amid mixed signals about their progress. According to a Bloomberg report, citing people familiar with the talks, the two economies are moving closer on their first-phase deal.

However, President Donald Trump said he could decide to delay a trade deal with China until after the 2020 Presidential election.

Elsewhere, a joint statement by NATO leaders on Wednesday said that the transatlantic alliance will stand together against threats from Russia and China.

The statement comes after two-days of intense meetings in the U.K., where members clashed over the organization’s role.

Ryanair, OPEC, German data

Meanwhile, in currency markets, sterling hit a seven-month high on Wednesday amid expectations that the upcoming general election will avoid a hung parliament. The British pound was up 0.3 percent against the U.S. dollar at $1.3141 on Thursday morning.

In the corporate world, Ryanair cut its passenger traffic forecast on Wednesday and Daily Mail & General Trust reported a drop in pre-tax profit for its fiscal 2019 year.

On the data front, German industry orders dropped 0.4 percent in October. There will also be euro zone employment and GDP figures due at 10 a.m. London time.

OPEC members are also due to start their first day of talks in Vienna. Market players are expecting deeper oil supply cuts later this week.

Source: CNBC