European stocks edge up, track US and Asia gains

European markets opened mostly higher on Monday trading, mirroring gains of global markets after improving consumer sentiment data from the U.S. helped to assure investors of the recovery in the world`s largest economy.

European shares are trading mostly higher to set a new five-year high for a fourth straight session. However, concerns that the Federal Reserve may begin to taper its quantitative easing program may cap gains.

- STOXX Europe 600 rose 0.06 percent or 0.19 points to 308.91

- STX Europe 50 edged 0.04 percent or 1.19 points higher to 2,819.18

Shares in Wall Street closed trader higher on Friday with the Dow and the S&P 500 reaching fresh record highs after data showed U.S. consumer sentiment rose to the highest level in nearly six years, while a gauge of future economic activity index rising in April to a near five-year high.

Asian stocks are trading also higher, after the Japanese government upgraded its assessment of the economy for the first time in two months, citing gradual improvement in exports and industrial output.

- French CAC 40 ticked 0.11% up to 4,005.62

- German DAX gained 0.52% to 8,441.46

- British FTSE 100 rose 0.17% to 6,734.75

Investors will closely examine Federal Reserve Chairman Ben Bernanke`s testimony before the Joint Economic Committee of Congress on Wednesday for clues about recent talks over tightening the central bank`s monetary policy.

The Federal Reserve Bank of San Francisco’s President John Williams said on Friday that quickening economic growth and an improving labor market may prompt the central bank to start pulling its $85 billion of monthly bond purchases by summer.

In domestic corporate news, Ryanair Holdings Plc, Europe’s largest discount airline, has reported record full-year profits that beat forecast and rising revenues despite soaring fuel costs. Full-year profit rose 13 percent to 569 million euros.

Furthermore, Banks in Switzerland, Austria, Denmark, Norway, Iceland and Luxembourg are closed for the Whit Monday holiday.