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European stocks higher than traders digest comments from Fed Powell



Looking at the benchmark, the German Metro Group was the top performer after Ceconomy sold most of its 10 percent stake in German wholesale. Metro shares rose 12 percent during morning business.

In Turkey, the markets were reopened after a one-week vacation. The Turkish lira lost 3 percent on Monday amid continued concern over the country's economy. Traders remain cautious about the risks facing the country in a dispute with detained US pastor Andrew Brunson with the US.

In Asia, equities rose as China's central bank, the Chinese People's Bank (PBOC), reintroduced the policy adjustment called itself "countercyclical factor", which aimed to keep the yuan's daily central rate at a relatively stable level. This move is seen as an attempt to support the Chinese currency on charges of President Donald Trump as a "currency manipulator".

Market participants also watched news from Friday that Federal Reserve Chair Jerome Powell sees "further, gradual" rate hikes

Powell said at the Jackson Hole Symposium in Wyoming that the central bank would continue its monetary tightening if the economy would continue to consolidate. Powell was hit by Trump for the second time last week and said in an interview with Reuters that he was "not enthusiastic" about the Central Bank's interest rate hike.

In geopolitical news, the US should impose sanctions on Russia Monday, in solidarity with the United Kingdom on charges, Moscow was involved in the poisoning of former Russian spy Sergei Skripal and his daughter Julia. Meanwhile, dealers of Tesla boss Elon Musk were again surprised after the billionaire announced Friday halted his plan to take the electric car manufacturer privately.

Tesla's stock was hit by a defeat after Musk tweeted its intention to close the company earlier this month.

In corporate news, the Fidessa Group and Sirius Minerals report results on Monday.

German Ifo business sentiment data are due and France will release unemployment figures.


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