Ageas rises on acquisition agreement with China39;s Fosun Group
Adidas gains on Morgan Stanley39;s double upgrade
German manufacturers near prepandemic material availability, says Ifo
STOXX 600 up 0.3

April 15 Reuters European shares inched up on Monday, with caution around Middle East tensions at the fore, while Temenos was on course for its best day in more than 15 years after saying Hindenburg Research39;s allegations were found to be incorrect.

The panEuropean STOXX 600 gained 0.3 as of 0853 GMT, with the defence sector among top gainers, after Iran launched explosive drones and missiles at Israel over the weekend in retaliation for a suspected Israeli attack on its consulate in Syria on April 1.

Fiona Cincotta, senior market analyst at City Index, said that while geopolitical news is set to drive the tone of the market this week, the fact that the United States has said that it would not support retaliation by Israel at this moment has calmed the market slightly.

Meanwhile, industrials and automobiles led sectoral gains after the Ifo economic institute said German manufacturers are no longer acutely affected by material shortages, with the supply situation almost back to how it was before the coronavirus pandemic.

Temenos jumped 19.8, topping the STOXX, after the software firm said a special committee formed by its board found that accusations in a report by Hindenburg Research were incorrect and misleading.

Nearly halfway through April, the STOXX 600 is on…