European markets close higher ahead of Trump-Kim summit; Italian banks rise

The pan-European Stoxx 600 closed provisionally 0.8 percent higher with most sectors in positive territory. The Italian index was the top performing market in Europe, up by more than 2.4 percent. Italian Finance Minister Giovanni Tria, speaking to a local newspaper over the weekend, reaffirmed his government’s commitment to the euro.

Banking stocks led the way among Europe’s business sectors more broadly, up 1 percent as traders expect further monetary tightening from central banks this week. The Federal Reserve is due to announce its latest rate decision Wednesday and the European Central Bank is scheduled to start preparing the end of monetary stimulus Thursday.

The food and beverages sector was also among the top performers, up 0.9 percent after some ratings upgrades.

Meanwhile, automakers fared poorly during mid-afternoon deals, down by just over 1 percent. Daimler foundered 2.2 percent following a German newspaper report which said that up to 1 million vehicles contain an emissions cheating device. In a response to CNBC’s request, Daimler declined to comment on the article but did say that it is co-operating fully and openly with the Department of Transportation.

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