LONDON (The Deal) -- European markets were mostly in recovery mode on Monday after Friday's post U.S. interest rate funk but Spain bucked the trend. Investors were concerned the inconclusive result of the weekend's general election there -- with the conservative Parti Popular government of Mariano Rajoy losing its majority but remaining the largest party -- could stymie or delay economic reforms. The biggest winner was the anti-reform, left-wing Podemos party. Podemos' leader, Pablo Iglesias, is a close ally of left-wing Greek Prime Minister Alexis Tsipras.
In London, the FTSE 100 was up 0.86% at 6,104.57, while in Paris the CAC 40 was up 0.6% at 4,653.02. In Frankfurt, the DAX was up 1.16%. In Madrid, Spain's IBEX 35 slumped 1.89% to 9,533.20.
The good mood was unspoiled by the agreement at the World Trade Organization on Saturday to ban all agricultural export subsidies, a decision which could have a major impact on many European companies. Of the top five agricultural exporters worldwide, three are European. The United States is first, followed by the Netherlands and Germany. France has been overtaken in recent years by China.
Mining stocks got a boost, however, as analysts at Citgroup raised their target price on indebted commodities giant Glencore (GLNCY) from £1.30 to £1.60 per share, sending the stock up 6.39% to 86.03 pence, while Randgold Resources (RGORF) was up 0.72% after ditching a joint venture with AngloGold Ashanti (AU) to develop a gold mine in Ghana. Kazakhstan miner Ferrexpo, also listed in London, was up over 15% after the Ukrainian central bank revoked the banking licence Finance and Credit JSC, which is owned by Ferrexpo's largest shareholder. The bank was declared insolvent in September, but the revocation of the license comes after months of uncertainty over its likely timing.
In Switzerland, agricultural chemicals producer Syngenta (SYT) surged on a report that Chinese state-owned suitor China National Chemical has raised its offer to buy the company by about $2 billion to $4 billion. Bloomberg said ChemChina offered 470 Swiss francs a share to buy 70% of the company with an option to acquire the remaining 30% at a later date. Syngenta was up 1.82% at Sfr381 per share.
In France, auto parts maker Valeo (VLEEY) rose over 3.1% to €143.25 a share after agreeing to buy Peiker Acustic GmbH & Co. a German supplier of on-board telematics and mobile connectivity for vehicles. The deal is seen as boost to Valeo's capabilities in the driverless car and networked vehicle electronics market. No price was disclosed, but the target generates sales of about €310 million ($337 million).
Japanese consumer electronics producer Panasonic (PCRFY) was down 2.65% at ¥1,214.5 after agreeing to buy control of Bridgeton, Mo.-based refrigerated display systems maker Hussmann from private-equity firm Clayton, Dubilier & Rice for $1.55 billion.
In Tokyo, the Nikkei 225 closed down 0.37% at 1,8916.02, while the Topix closed down 0.38% at 1,531.28. In Hong Kong, the Hang Seng finished the day up 0.17% at 21,791.68 and in China the combined Shanghai and Shenzhen CSI 300 was up 2.6% at 3,865.97.