Investing.com – European stocks opened sharply higher on Monday,
tracking their Asian counterparts as a rebound in
boosted market sentiment and as investors awaited the release of
euro zone manufacturing and service sector data later in the
During European morning trade, the EURO STOXX 50 rallied 1.86%,
France's CAC 40 advanced 1.40%, while Germany's DAX 30 jumped
Oil prices rose back above $32 a barrel on Monday. However,
gains were expected to remain limited as concerns over a global
supply glut persisted.
Also Monday, Markit research group said its flash German
manufacturing purchasing managers' index fell to 50.2 in February
from 52.3 the previous month, compared to expectations for a
downtick to 52.0.
Germany's flash services PMI rose to 55.1 this month from 55.0
in January, beating expectations for a reading of 54.7.
In France, the flash manufacturing PMI rose to 50.3 in February
from 50.0 in January, beating expectations for a fall to 49.9.
France's flash services PMI ticked down to 49.8 this month from
50.3 in January, compared to expectations for an unchanged
Financial stocks were broadly higher, as BNP Paribas (PA:BNPP)
and Societe Generale (PA:SOGN) rallied 1.91% and 2.14%, while
Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) surged
2.51% and 3.15%.
Among peripheral lenders, Italy's Unicredit (MI:CRDI) and Intesa
Sanpaolo (MI:ISP) jumped 2.19% and 2.68% respectively, while
Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced
0.99% and 1.49%.
In London, commodity-heavy FTSE 100 jumped 1.20%, boosted by
sharp gains in the mining sector.
Shares in Bhp Billiton (L:BLT) and Anglo American (L:AAL)
rallied 3.70% and 4.35% respectively, while Rio Tinto (L:RIO)
climbed 5.22% and Glencore (L:GLEN) soared 5.24%.
In the financial sector, stocks were mixed. Barclays (L:BARC)
and Lloyds Banking (L:LLOY) rallied 1.21% and 1.23%, while the
Royal Bank of Scotland (L:RBS) dipped 0.01% and HSBC Holdings
(L:HSBA) plummeted 4.68%.
Earlier Monday, HSBC Holdings announced a 1% increase in pre-tax
profit for 2015.
Meanwhile, Bovis Homes (L:BVS) gained 0.47% after the
housebuilding company reported a 20% increase in full-year pre-tax
profit to £160.1 million.
Also in the U.K., investors continued to focus on discussions
over a posssible British exit from the European Union, with a
referendum now set to be held in June.
On Sunday, London Mayor Boris Johnson announced that he was
supporting the "leave" campaign, dealing a blow to Prime Minister
David Cameron's "stronger together" campaign.
In the U.S., equity markets pointed to a sharply higher open.
The Dow Jones Industrial Average futures pointed to a 1.01% jump,
S&P 500 futures a 0.98% gain, while the Nasdaq 100 futures
indicated a 1.13% rally.
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