Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

European Stocks Edge Higher; Miners in Focus

Stock MarketsFeb 16, 2021 03:41AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - European stock markets pushed higher in early trade on Tuesday, as strong results from mining groups reinforced talk of a new 'supercycle' in commodities amid hopes for a broad and synchronized global recovery.

At 3:40 AM ET (0840 GMT), the DAX in Germany traded 0.1% higher, the CAC 40 in France rose 0.1%, and the U.K.'s FTSE index climbed 0.4%.

BHP Group PLC (LON:BHPB) stock fell 0.3% after the world’s largest listed miner had to write down the value of its coal business which is up for sale or spin off. That said, the mining giant did report its best first-half profit in seven years and declared a record interim dividend, helped by strong demand for iron ore from China.

Glencore (LON:GLEN) stock also rose 2.4% after the commodity trading and mining company reported a return to profit in the second half of 2020 and said its dividend would resume this year.

Successful rollouts of Covid-19 vaccines in many countries, with the U.K. leading the way among the developed world, have raised hopes of a relatively quick economic recovery as restrictions on business and social life are lifted.

Adding to this, the World Health Organization authorized the AstraZeneca/University of Oxford Covid-19 vaccine for emergency use on Monday, expanding access to this comparatively inexpensive shot to less developed countries around the world.

At the same time, U.S. President Joe Biden’s $1.9 trillion stimulus package continues to work its way through Congress.

However, despite this optimism, the immediate economic picture in Europe remains challenging. 

Passenger-car sales fell 28% across Germany, the U.K., France, Italy and Spain, Europe’s five biggest markets, in January as lockdowns shut down dealerships and customers shied away from large purchases. 

The region’s fourth-quarter GDP release is due later in the session, but most eyes will be on the German ZEW Economic Sentiment index for February as a more current gauge of consumer confidence.

Oil prices pushed higher Tuesday, as the severe cold spell in the U.S. resulted in heavy demand for power as well as disrupting supplies in Texas, the biggest crude producing state.

The deep freeze halted Texas oil wells and refineries on Monday and forced restrictions on natural gas and crude pipeline operators, resulting in blackouts throughout the state.

U.S. crude futures traded 0.9% higher at $60.05 a barrel, while the international benchmark Brent contract rose 0.1% to $63.35, both contracts not far removed from their highest levels since January last year.

Elsewhere, gold futures rose 0.1% to $1,823.65/oz, while EUR/USD traded 0.2% higher at 1.2146.


European Stocks Edge Higher; Miners in Focus

Related Articles

Strong power retail business lifts E.ON's Q1 profit
Strong power retail business lifts E.ON's Q1 profit By Reuters - May 11, 2021

FRANKFURT (Reuters) - E.ON, Europe's largest energy networks operator, on Tuesday posted a 14% rise in first-quarter operating earnings after its British power retail division...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email