Investing.com - European stocks opened higher on Monday, as the European Central Bank’s latest policy move continued to support equities and as investors eyed the Federal Reserve’s upcoming policy decision this week.
During European morning trade, the EURO STOXX 50 jumped 1.40%, France’s CAC 40 gained 0.83%, while Germany’s DAX 30 surged 2.08%.
European stocks rallied after the ECB cut interest rates across the euro zone to new record lows and boosted its quantitative easing program last Thursday.
The ECB cut its benchmark interest rate to a record-low of zero from 0.05% and boosted its quantitative easing program by €20 billion per month to €80 billion, starting in April.
Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.95% and 0.88%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) surged 2.33% and 2.41%.
Among peripheral lenders, Italy’s Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) rallied 1.93% and 1.76% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) jumped 1.46% and 1.12%.
Elsewhere, Electricite de France SA (PA:EDF) rose 0.29% after France’s State Auditor said on Friday that the company’s £18 billion project to build two atomic reactors at Hinkley Point in the U.K. raises “substantial questions” in light of the EDF’s debt and the cost of renovating its domestic nuclear fleet.
In London, commodity-heavy FTSE 100 advanced 0.87%, supported by gains in the mining sector.
Shares in Rio Tinto (LON:RIO) rallied 2.68% and Bhp Billiton (LON:BLT) jumped 3.03%, while Glencore (LON:GLEN) and Anglo American (LON:AAL) surged 4.20% and 5.03% respectively.
Financial stocks added to gains, as the Royal Bank of Scotland (LON:RBS) and Barclays (LON:BARC) both climbed 0.81%, while Lloyds Banking (LON:LLOY) advanced 1.07% and HSBC Holdings (LON:HSBA) jumped 1.12%.
Meanwhile, Old Mutual PLC (LON:OML) saw shares climb 2.42% after announcing plans to separate its four businesses and reduce its 54.1% stake in Nedbank.
In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.05% gain, S&P 500 futures a 0.02% uptick, while the Nasdaq 100 futures indicated a 0.11% rise.