European stocks open higher

European stocks open higher, oil rise supports; Dax up 0.55%
European stocks open higher, oil rise supports; Dax up 0.55%
Investing.com | Jul 03, 2017 03:31AM ET
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Investing.com - European stocks opened higher on Monday, helped by rising oil prices and as markets recovered from the previous week’s comments by European Central Bank President Mario Draghi.
During European morning trade, the EURO STOXX 50 advanced 0.77%, France’s CAC 40 climbed 0.80%, while Germany’s DAX 30 climbed 0.55%.
European equities had weakened after ECB President Draghi indicated last Tuesday that the bank could soon start to unwind its quantitative easing program.
Energy stocks were boosted by the rise of oil prices on Monday. Shares in French oil and gas major Total SA (PA:TOTF) jumped 1.19% and Italy’s ENI (MI:ENI) advanced 0.99%, while Spanish rival Repsol (MC:REP) SA surged 1.57%.
Financial stocks were also broadly higher, as French lenders BNP Paribas (PA:BNPP) amd Societe Generale (PA:SOGN) rallied 1.27% and 1.43%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) climbed 0.60% and 0.78%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) jumped 1.15% and 1.22% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.94% and 1.07%.
On the downside, Bayer (DE:BAYGN) shares slipped 0.28% after the company said on Friday that it would cut its full-year earnings forecast due to high inventories at crop protection distributors in Brazil and a weaker-than-expected consumer health business.
In London, commodity-heavy FTSE 100 gained 0.35%, boosted by sharp gains in the mining sector.
Shares in Rio Tinto (LON:RIO) jumped 1.17% and Antofagasta (LON:ANTO) rallied 1.31%, while Anglo American (LON:AAL) and Glencore (LON:GLEN) surged 1.61% and 1.74% respectively.
Financial stocks added to gains, as the Royal Bank of Scotland (LON:RBS) climbed 0.61% and Lloyds Banking (LON:LLOY) advanced 0.95%, while Barclays (LON:BARC) gained 1.04% and HSBC Holdings (LON:HSBA) rallied 1.76%.
Meanwhile, Severn Trent (LON:SVT) was one of the worst performers on the index, with shares after the company said it is selling its North American business, which operates and manages water and wastewater systems, for $62 million.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.25% rise, S&P 500 futures signaled a 0.26% gain, while the Nasdaq 100 futures indicated a 0.34% increase.