European Stocks Higher

Shares in Europe are higher Monday morning as investors have their first opportunity to react to the news of a new US Treasury Secretary and the US government rescue of Citigroup.

The FTSE100 is up 4.38%, the French CAC40 up 4.57% and Germany's DAX 3.64% higher.

US stocks surged late on Friday after a report President-elect Barack Obama would nominate New York Federal Reserve President Timothy Geithner as Treasury secretary.

The US government also agreed to bailout troubled Citigroup to the tune of $20 billion as well as guaranteeing up to $306 billion of Citi's troubled assets.