(Bloomberg) -- Euro-area shares rise at the open Monday as results from European Union elections show the threat from populist parties is contained. The U.K. market is closed for a local holiday.

The Euro Stoxx 50 Index is up 0.5%, with all main European markets higher. Auto shares lead gains in Europe as Fiat Chrysler Automobiles soars 19% after it proposed a merger with French carmaker Renault, which jumps 17%.

Mainstream parties won Sunday’s elections for the European Union Parliament, holding their ground against Euroskeptic contenders, which are set to win 28% of seats, slightly less than in the outgoing parliament, according to official EU provisional results. Center-right and center-left alliances look like they will fall short of controlling the majority of seats, while support for the Liberals and Greens increased.

“The main fear from EU elections was that the anti-European parties could win enough support to block key decisions and that seems to have been averted, which should be positive for the market,” said Tomas Garcia, head of multi-assets at Andorra-based MoraBanc Asset Management. “Next steps will be the appointments for the main roles and who the next ECB chairman will be is key for the market.”

To contact the reporter on this story: Macarena Munoz in Madrid at mmunoz39@bloomberg.net

To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, John Viljoen

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