By Barbara Kollmeyer, MarketWatch
European stocks traded modestly higher on Monday, with banks in the lead as investors braced for another week of Brexit headlines, while software company SAP AG gained after reporting its results.
The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +2.48% rose 0.5% to 393.76, despite sharp losses for Wall Street on Friday.
The German DAX /zigman2/quotes/210597999/delayed DX:DAX +3.36% rose 0.7% to 12,727.90, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +3.71% was up 0.2% to 5,647.43 and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +2.25% was up 0.2% at 7,163.03.
The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.6749% shook off earlier losses and last traded flat at $1.2982, amid optimism that U.K. Prime Minister Boris Johnson may have enough votes to push his Brexit deal through. Dow Jones Industrial Average futures /zigman2/quotes/210407078/delayed YM00 +3.65% rose 0.2% to 7,904.75.
After a crucial parliamentary vote failed to get off the ground on Saturday, Johnson was forced to send a letter to the EU asking for a three-month Brexit delay. Johnson, who is opposed to any delay, wanted to to win parliamentary approval for his plan on Monday as the Oct. 31 Brexit deadline draws nearer. However, that bid was rejected when the Speaker of the House John Bercow refused to allow it.
Stocks on the move included SAP AG shares /zigman2/quotes/207905606/composite SAP +1.62% /zigman2/quotes/203458330/delayed DE:SAP +2.08% , which rose 1.3% after the German business software maker reported a 28% rise in third-quarter net profit and reiterated its guidance for 2019.
Also in Germany, Wirecard AG /zigman2/quotes/201427212/delayed DE:WDI -10.27% rallied 6% after the payment company said it had commissioned an independent audit following an Financial Times article that questioned its accounting practices.
At the bottom, shares of Smith & Nephew /zigman2/quotes/207176500/delayed UK:SN +2.57% fell 8% after the medical device maker said chief executive Namal Nawana will step down at the end of the month.
And shares of U.K. insurer Prudential /zigman2/quotes/200530572/delayed UK:PRU +8.84% slid 9% as it completes its demerger from M&G, which will mean two separate listed companies.