Investing.com - European stocks extended gains on Monday, as sentiment was boosted after Greece announced the details of a debt buyback scheme and following the release of positive economic data from the euro zone and China.
During European afternoon trade, the EURO STOXX 50 jumped 1.12%, France’s CAC 40 rallied 1.13%, while Germany’s DAX 30 climbed 0.77%.
Market sentiment strengthened after Greece launched a scheme to buy back its debt from private investors, as part of an agreement to unlock a new bailout package worth EUR44 billion.
Euro zone finance ministers were to hold talks in Brussels later in the day to discuss the terms of the new Greek aid deal, after Germany’s parliament gave it the green light on Friday. The ministers were also to discuss details of a EUR10 billion bailout for Cyprus.
Elsewhere, data showed that the final euro zone manufacturing purchasing managers’ index remained unchanged at 46.2 in November, the highest level since March, but remaining in contraction territory for the 16th consecutive month.
Financial stocks turned broadly higher, as French lenders BNP Paribas and Societe Generale saw shares rise 0.42% and 1.73%, while Germany's Deutsche Bank and Commerzbank advanced 0.91% and 0.14%.
Peripheral lenders also posted sharp gains, with Italian banks Unicredit and Intesa Sanpaolo rallied 2.51% and 2.01%, while Spain's BBVA and Banco Santander jumped 0.86% and 1.29% respectively.
On the downside, Colruyt plunged 5.28% after posting first-half Ebit of EUR230.8 million, below analysts' estimates.
In London, commodity-heavy FTSE 100 rose 0.49%, boosted by gains in mining stocks.
Mining giants Rio Tinto and BHP Billiton saw shares rally 1.50% and 0.76%, while copper producers Xstrata and Kazakhmys advanced 0.31% and 1.40%.
Oil and gas major Anglo American was also on the upside, climbing 0.74%, while rival BP added 0.45%.
In the financial sector, stocks turned mostly higher. The Royal Bank of Scotland edged up 0.07% and HSBC Holdings inched 0.08% higher, while Barclays climbed 0.85%. Lloyds Banking underperformed on the other hand, dropping 0.60%.
Elsewhere, Cable & Wireless Communications soared 5.29% after Bahrain Telecommunications Co. agreed to buy its business in Monaco.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.32% rise, S&P 500 futures signaled a 0.34% gain, while the Nasdaq 100 futures indicated a 0.52% increase.
Also Monday, final data showed that China’s HSBC purchasing managers’ index came in at 50.5 in November from 49.5 in October, indicating that economic activity is picking up.
Later in the day, the Institute of Supply Management was to produce a report on manufacturing growth in the U.S.
During European afternoon trade, the EURO STOXX 50 jumped 1.12%, France’s CAC 40 rallied 1.13%, while Germany’s DAX 30 climbed 0.77%.
Market sentiment strengthened after Greece launched a scheme to buy back its debt from private investors, as part of an agreement to unlock a new bailout package worth EUR44 billion.
Euro zone finance ministers were to hold talks in Brussels later in the day to discuss the terms of the new Greek aid deal, after Germany’s parliament gave it the green light on Friday. The ministers were also to discuss details of a EUR10 billion bailout for Cyprus.
Elsewhere, data showed that the final euro zone manufacturing purchasing managers’ index remained unchanged at 46.2 in November, the highest level since March, but remaining in contraction territory for the 16th consecutive month.
Financial stocks turned broadly higher, as French lenders BNP Paribas and Societe Generale saw shares rise 0.42% and 1.73%, while Germany's Deutsche Bank and Commerzbank advanced 0.91% and 0.14%.
Peripheral lenders also posted sharp gains, with Italian banks Unicredit and Intesa Sanpaolo rallied 2.51% and 2.01%, while Spain's BBVA and Banco Santander jumped 0.86% and 1.29% respectively.
On the downside, Colruyt plunged 5.28% after posting first-half Ebit of EUR230.8 million, below analysts' estimates.
In London, commodity-heavy FTSE 100 rose 0.49%, boosted by gains in mining stocks.
Mining giants Rio Tinto and BHP Billiton saw shares rally 1.50% and 0.76%, while copper producers Xstrata and Kazakhmys advanced 0.31% and 1.40%.
Oil and gas major Anglo American was also on the upside, climbing 0.74%, while rival BP added 0.45%.
In the financial sector, stocks turned mostly higher. The Royal Bank of Scotland edged up 0.07% and HSBC Holdings inched 0.08% higher, while Barclays climbed 0.85%. Lloyds Banking underperformed on the other hand, dropping 0.60%.
Elsewhere, Cable & Wireless Communications soared 5.29% after Bahrain Telecommunications Co. agreed to buy its business in Monaco.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.32% rise, S&P 500 futures signaled a 0.34% gain, while the Nasdaq 100 futures indicated a 0.52% increase.
Also Monday, final data showed that China’s HSBC purchasing managers’ index came in at 50.5 in November from 49.5 in October, indicating that economic activity is picking up.
Later in the day, the Institute of Supply Management was to produce a report on manufacturing growth in the U.S.