STOXX 600 up 0.9
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July 22 Reuters European shares rose on Monday, rebounding from steep losses in the previous session, while investors assessed the implications of President Joe Biden39;s exit from the U.S. presidential election race.

The panEuropean STOXX 600 index gained 0.9 as of 0847 GMT, snapping its longest losing steak in nine months.

Most sectoral indexes were higher, with construction and materials up 1.3. Belimo jumped 12.8 after the Swiss heating and ventilation solutions maker raised its sales forecast.

Investors assessed the impact of Biden abandoning his reelection bid on Sunday, while he endorsed U.S. Vice President Kamala Harris as his party39;s candidate.

A TrumpVance ticket was potentially difficult for European equities given the Americafirst agenda, said Richard Flax, chief investment officer at Moneyfarm.

If there39;s a marginal increase in the prospect of a Democratic victory, it would be a positive for European equities.

Political uncertainties in the United States and prospects of U.S. trade restrictions caused a selloff in technology stocks last week and the benchmark index logged its biggest weekly decline of 2024. Lack of policy direction from the European Central Bank also added to investor concerns.

Investors are perhaps taking stock and don39;t necessarily want to make aggressive moves. However the outlook for a…