European shares edge higher after weekly declines; Kering jumps

European shares were slightly higher on Monday, after rounding off last week with losses, as some corporate news-driven gains limited declines from increasing geopolitical tensions in the Middle East.

The pan-European STOXX 600 was up 0.2% at 545.87 points at 0706 GMT, starting the week on a positive note.

Gucci parent Kering jumped 7.2% after a report said Luca de Meo would become the new CEO, after he turned around troubled Renault.

Shares of the French automaker fell 5.6%. A separate report said Tokyo’s Nissan planned to reduce its stake in Renault.

Meanwhile, geopolitical tensions continued to dominate headlines. Iranian missiles struck Israel’s Tel Aviv and the port city of Haifa before dawn on Monday, in the latest series of tit-for-tat attacks that started last week.

The escalating tensions give markets another cause of worry as they were already grappling with the ramifications of a changing U.S. tariff policy. The energy sector was among the biggest gainers, up 1.1%, tracking a slight uptick in oil prices. The travel and leisure sector rebounded with a 1% gain. Ladbrokes owner Entain gained 5.2% after its U.S. sports-betting joint venture with MGM Resorts – BetMGM – raised its annual revenue and core earnings forecast.