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(Sharecast News) - European shares were higher on Monday as flash survey results showed eurozone business activity picking up, while sentiment was also boosted by reports that US President Donald Trump's tariffs may be more limited in scope than originally planned.
The pan-regional Stoxx 600 index was up 0.19% at 550. Germany's DAX climbed 0.55%.
On Sunday, the Wall Street Journal cited an administration official as saying the tariffs were likely to exclude some industry-specific duties. Trump on Friday told reporters that there could potentially be "flexibility" for his reciprocal levies plan.
"President Trump's latest deadline for 'reciprocal' tariffs to be re-imposed on trading partners Canada and Mexico looms on April 2. But expectations are growing that they could be tweaked and be more focused on specific goods and sectors, instead of swathes of duties triggered in a blanket fashion," said Hargreaves Lansdown analyst Susannah Streeter.
"Bargain hunters are expected to be out sniffing around the US market after recent falls, with the S&P 500 set to open in positive territory. But there are trip hazards around. There is still much uncertainty swirling about the breadth and impact of tariffs."
The eurozone's manufacturing sector's enduring downturn showed signs of easing amid hopes of more spending on infrastructure and defence, according to flash survey results published on Monday.
Manufacturing's purchasing managers' index from HCOB increased to 48.7 this month from 47.6 in February. The composite purchasing managers' index rose to 50.4 this month from 50.2 in February and its highest since August. A mark above 50 indicates growth.
In services, the PMI fell to 50.4 from last month's 50.6. However, an index measuring factory output showed expansion hit a 34-month high, jumping to 50.7 from 48.9.
The results boosted arms makers, with Saab, Dassualt, Rheinmetall and Thales all higher.
In other equity news, RWE gained as activist investor Elliott declared a 5% stake in the German energy company and demanded an increase in share buybacks.
Bayer slumped after news on Friday that a US court ordering it to pay more than $2bn to the plaintiff who claimed the chemical's company's Monsanto Roundup weed killer gave him cancer.
Reporting by Frank Prenesti for Sharecast.com
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