European stock markets erased earlier losses and moved higher on Monday after data showed German business confidence brightened for a fourth straight month in February.
The Stoxx Europe 600 index traded 0.1% higher at 336.40.
Among country-specific indexes, Spain’s IBEX 30 index climbed 0.9% after Moody’s Investors Service over the weekend lifted the country’s credit rating to Baa2 from Baa3.
France’s CAC 40 index rose 0.2%, Germany’s DAX 30 index added 0.1%, while the U.K.’s FTSE 100 index dropped 0.4%.
The Ifo institute’s business climate index advanced to 111.3 in February, the highest since July 2011, from 110.6 the previous month. Economists predicted a decline to 110.5, according to the median estimate.
In Ukraine, lawmakers yesterday gave presidential powers to parliament speaker Oleksandr Turchynov, after ousting Viktor Yanukovych from the role as violence amid anti-government protests killed at least 82 people last week. The new regime issued an arrest warrant for Yanukovych. The U.S., Europe and the U.K. have said they would help with financial aid when a new cabinet is formed.
Shares of PostNL NV slid 16%, after the Dutch mail-service firm reported a full-year loss that was wider than expected.
Banking heavyweight HSBC Holdings PLC dropped 3.7% after reporting full-year earnings that missed expectations.
On a more upbeat note, shares of Bunzl PLC picked up 4.3% after the distribution and outsourcing company reported an 8% rise in 2013 earnings per share.
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