STOXX 600 up 0.4
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July 8 Reuters European shares gained on Monday after erasing early losses as investors moved past the initial shock from election results in France, which is facing a hung parliament with a leftist alliance unexpectedly taking the top spot.

The panEuropean STOXX 600 index edged 0.4 higher, led by gains in construction and materials shares that rose 0.8. Oil and gas and miners were the only sectors trading in the red with a 0.6 decline for each, tracking lower commodity prices.

The election of a leftwing alliance would usually not be something for markets to celebrate but given the inherent fears investors had around a rightwing government, this announcement will very likely be a welcome one, said Michael Field, European Market Strategist at Morningstar.

French stocks rose 0.4 even as France faced a hung parliament and the prospect of taxing negotiations starting Monday to form a government, after a surprise leftwing surge blocked Marine Le Pen39;s quest to bring the far right to power.

Shares of BNP Paribas, France39;s largest bank, were flat while SocGen rose by 0.7.

Data from Germany showed exports fell more than expected in May, due to weak demand from China, the U.S and European countries.

The main economic event for the week would be the consumer price index CPI data from the…