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STOXX GAINS AS M&A SWEETENS UNCERTAIN TRADE BACKDROP

Europe's STOXX 600 .STOXX is up 0.3% on Monday, even as the mood remains tense on U.S. trade policy uncertainty while some M&A news pulls shares in opposing directions.

Trade uncertainty is still front and centre. Volkswagen's truck unit Traton 8TRA.DE has reported a 10% fall in first-quarter revenue, pointing to the unfavourable economic and political situation, particularly in North America.

Portugal's Galp Energia GALP.LS has reported a 29% drop in adjusted first-quarter core profit.

But Euro zone banks shares are up 1% and elsewhere some deals are lifting the mood.

Soaring to the top of the FTSE 100 is meal delivery company Deliveroo ROO.L, up over 15% after suspending its 100-million pound ($133.13 million) share buyback program days after it said it had received a proposal from U.S. peer DoorDash DASH.O.

Italy's Mediobanca MDBI.MI struck back on Monday in its fight for independence by announcing a 6.3 billion euro ($7.15 billion) offer for private bank Banca Generali BGN.MI to be financed by using its stake in insurer Generali GASI.MI whose shares fell 2%.

Elsewhere, Banca Monte dei Paschi di Siena BMPS.MI shares are up 3%.

ITV ITV.L shares meanwhile are down 3% near the bottom of the STOXX 600, after the FT reported French entertainment company Banijay BNJ.AS is in early-stage talks for a takeover offer for the British broadcaster.

(Lucy Raitano)

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FOR MONDAY'S OTHER LIVE MARKETS POSTS:

EUROPE BEFORE THE BELL: FUTURES UP AS DEALS AND EARNINGS SWEETEN THE MOOD CLICK HERE

MARKETS LONG FOR MORE SIGNAL, LESS NOISE ON TRADE CLICK HERE