Euro stocks up as Deutsche Telekom soars; DAX jumps 1.8%

Forex Pros – European stock markets were sharply higher on Monday, as fears over Japan’s nuclear crisis eased and shares in the telecom sector performed strongly, while U.S. futures indexes pointed to a higher open on Wall Street.

During European morning trade, the EURO STOXX 50 surged 1.75%, France’s CAC 40 jumped 1.8%, while Germany's DAX 30 rallied 1.8%.

Earlier in the day, the operator of the stricken Fukushima nuclear power plant, Tokyo Electric Power Co. said some reactors had been reconnected to the power grid, while U.S. Energy Secretary Steven Chu said on Sunday that the Obama administration believed the worst of the crisis was over.

Meanwhile, shares in Deutsche Telekom soared 12.2% after it agreed to sell its T-Mobile USA unit to the largest U.S. mobile phone company, AT&T in a deal valued at nearly USD39 billion. HSBC Holdings upgraded the stock to ‘overweight’ following the announcement.

Across the sector, France Telecom saw shares jump 3.1%, while shares in Vodafone surged 4.2%.

Elsewhere, shares in oil producers were broadly higher as oil prices jumped after coalition forces launched airstrikes in Libya. Shares in Repsol climbed 2.35%, TOTAL gained 1.65%, while British Petroleum was up 1.3%.

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