European equities rise on German data

Most European stocks rose Monday, buoyed by resilient German business confidence, ahead of this week's Japanese and US interest rate decisions.

Frankfurt's benchmark DAX 30 index jumped 1.0 percent in value after a key survey showed that Britain's vote to leave the EU has had a limited impact on business confidence in Germany.

The closely-watched business confidence index from the Ifo institute in Munich fell to 108.3 points in July from June's figure of 108.7.

July's reading was the first time pollsters had taken the pulse of Europe's biggest economy since the shock British referendum on June 23.

Elsewhere Monday, the Paris CAC 40 stocks index was 0.6-percent higher in afternoon trade.

London's FTSE 100 added only 0.1 percent as heavyweight miners Randgold and Fresnillo sank on the back of sliding gold prices.

"It was a struggle for investors to find any direction this Monday, leaving the UK and US markets in particularly looking pretty stagnant," noted Connor Campbell, analyst at traders Spreadex.

"Things were far livelier over in the eurozone. The thrust of that upwards movement has come from the German Ifo business climate figure.

"It appears that sentiment hasn?t been as negatively impacted by the Brexit as first thought, something that has helped lift the spirits of the region?s investors," Campbell added.

Following another record close on Wall Street, traders were cautiously looking ahead to the US Federal Reserve's gathering on Wednesday, followed by the Bank of Japan on Friday.

The banks' meetings are the first since last month's shock vote in Britain to leave the European Union, which led to promises around the world to provide support to financial markets.

The pledges have fanned a surge across global markets, with the Dow and S&P 500 in New York both enjoying a series of records, while strong US data has also boosted the dollar as talk of another interest rate hike resurfaces.

The BoJ is widely expected to ramp up its stimulus to kickstart the struggling economy, although hoped-for helicopter money -- the direct injection of cash into the economy such as people's bank accounts -- is not expected to feature.

Before that, the Fed will have its meeting, at which it is tipped to hold rates, but traders will be hoping for some forward guidance on its policy plans.

- Pokemon Go hits Nintendo -

In Tokyo Monday, Nintendo stock plunged almost 18 percent on the broader Topix index after it warned that its popular Pokemon Go smartphone game sweeping the world would not translate into bumper profits.

By the end of last week the firm's share price had doubled in July -- making it more valuable than Sony at one point -- as the app proved a global hit.

But the Kyoto-based company warned in a statement late Friday that the impact of the game's success on its bottom line would be "limited" as it was developed by a US firm.

"It?s no great surprise to see Nintendo?s stock plunge after the company admitted the Pokemon Go craze would not translate into mega profits," said ETX Capital analyst Neil Wilson.

"The stock is still up around 50 percent from its pre-Pokemon Go price, which is probably a better reflection of what is still a game changer for Nintendo as it starts to tap the mobile gaming market.?

- Key figures at 1100 GMT -

London - FTSE 100: UP 0.1 percent at 6,733.20 points

Frankfurt - DAX 30: UP 1.0 percent at 10,243

Paris - CAC 40: UP 0.6 percent at 4,407

EURO STOXX 50: UP 0.6 percent at 2,989.7

Tokyo - Nikkei 225: FLAT at 16,620.29 (close)

Hong Kong - Hang Seng: UP 0.1 percent at 21,993.44 (close)

Shanghai - Composite: UP 0.1 percent at 3,015.83 (close)

New York - DOW: UP 0.3 percent at 18,570.85 (close)

Euro/dollar: UP at $1.0985 from $1.0976

Pound/dollar: UP at $1.3123 from $1.3112

Dollar/yen: UP at 106.27 yen from 106.19 yen