· European shares began Monday’s session in positive territory, as an EU Parliament election showed Europhile parties still performing reasonably well despite a rise in support for nationalists.

The pan-European STOXX 600 index was around 0.5% higher shortly after the opening bell, with all sectors and major bourses trading higher. Markets in the U.K. are closed on Monday due to a public holiday.

European investors will largely be focused on results of the EU parliamentary elections. Initial results suggested a strong showing for Liberal and Green parties, while euroskeptic groups in Britain and France holding the gains they saw in 2014.

Pro-EU parties are still expected to make up the majority of the Parliament, however, holding on to about two-thirds of the seats. But right-wing populist parties in both the U.K. and France made solid gains, with Nigel Farage’s Brexit Party comfortably beating Britain’s two main parties and Marine Le Pen’s National Rally narrowly beating President Emmanuel Macron’s centrist party.

The euro lost some ground against the dollar on Monday morning, trading just below $1.12 and trimming its earlier gains

Fiat Chrysler and Renault, two automakers looking to curb costs producing vehicles and pool resources for developing the next generation of automobiles, are planning a merger to create the world’s third largest automaker.

According to a statement from Fiat Chrysler Automobiles, the combined business would be owned 50/50 between shareholders of FCA and Groupe Renault. A board of governors would hold a majority of independent directors.

Shares in Fiat Chrysler and Renault jumped 13% and 11.5% respectively.