Investing.com - European stocks rose on Monday, as investors eyed remarks by European Central Bank President Mario Draghi later in the day, although concerns over a global economic slowdown continued to weigh.
During European morning trade, the EURO STOXX 50 advanced 0.48%, France’s CAC 40 climbed 0.68%, while Germany’s DAX 30 rose 0.45%.
Markets were awaiting a speech by ECB President Draghi later in the day, amid speculation that the central bank is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on September 6.
Sentiment remained under pressure however amid fresh concerns over China’s outlook for growth, after data earlier showed that manufacturing activity in the world’s second largest economy contracted in August.
China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a 41-month low of 47.6 in August from a preliminary reading of 47.8, as new orders slumped in the face of weakening global demand.
Financial stocks were mixed, as shares in French lenders BNP Paribas and Societe Generale advanced 0.67% and 0.48%, while Germany’s Deutsche Bank and Commerzbank declined 0.42% and 0.40% respectively.
Italian lenders were sharply higher, with shares in Unicredit and Intesa Sanpaolo rallied 1.02% and 0.80%, while Spain’s Banco Santander and BBVA dropped 0.53% and 0.87%.
Meanwhile, Finnish phone maker Nokia saw shares surge 4.89%, as it was expected to unveil this week a new device produced in collaboration with Microsoft.
In London, commodity-heavy FTSE 100 climbed 0.61%, boosted by sharp gains in mining stocks.
BHP Billiton and Rio Tinto surged 2.08% and 1.90% respectively, while Evraz and Fresnillo saw shares rally 3.71% and 3.30%.
Copper producers Xstrata and Kazakhmys also added to gains, as shares jumped 1.39% and 2.61% respectively.
Separately, Bloomberg reported earlier that Glencore International, whose shares were down 0.38% in early European trade, is continuing to stick to the terms of a USD33 billion bid for Xstrata, resisting mounting pressure from shareholders to sweeten the offer four days before investors vote.
Elsewhere, financial stocks were broadly higher. Shares in the Royal Bank of Scotland added 0.15% and HSBC Holdings climbed 0.56%, while Barclays and Lloyds Banking advanced 0.98% and 1.02% respectively.
In the U.S., equity markets were to remain closed for the Labor Day holiday.
Also Monday, Market research group said that Spain’s purchasing managers’ index rose more-than-expected in August, hitting the highest level since March, although it remained in contraction territory for the 16th consecutive month.
Spain’s manufacturing PMI rose to 44 in August from 42.3 the previous month, beating expectations for a reading of 42.6.
During European morning trade, the EURO STOXX 50 advanced 0.48%, France’s CAC 40 climbed 0.68%, while Germany’s DAX 30 rose 0.45%.
Markets were awaiting a speech by ECB President Draghi later in the day, amid speculation that the central bank is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on September 6.
Sentiment remained under pressure however amid fresh concerns over China’s outlook for growth, after data earlier showed that manufacturing activity in the world’s second largest economy contracted in August.
China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a 41-month low of 47.6 in August from a preliminary reading of 47.8, as new orders slumped in the face of weakening global demand.
Financial stocks were mixed, as shares in French lenders BNP Paribas and Societe Generale advanced 0.67% and 0.48%, while Germany’s Deutsche Bank and Commerzbank declined 0.42% and 0.40% respectively.
Italian lenders were sharply higher, with shares in Unicredit and Intesa Sanpaolo rallied 1.02% and 0.80%, while Spain’s Banco Santander and BBVA dropped 0.53% and 0.87%.
Meanwhile, Finnish phone maker Nokia saw shares surge 4.89%, as it was expected to unveil this week a new device produced in collaboration with Microsoft.
In London, commodity-heavy FTSE 100 climbed 0.61%, boosted by sharp gains in mining stocks.
BHP Billiton and Rio Tinto surged 2.08% and 1.90% respectively, while Evraz and Fresnillo saw shares rally 3.71% and 3.30%.
Copper producers Xstrata and Kazakhmys also added to gains, as shares jumped 1.39% and 2.61% respectively.
Separately, Bloomberg reported earlier that Glencore International, whose shares were down 0.38% in early European trade, is continuing to stick to the terms of a USD33 billion bid for Xstrata, resisting mounting pressure from shareholders to sweeten the offer four days before investors vote.
Elsewhere, financial stocks were broadly higher. Shares in the Royal Bank of Scotland added 0.15% and HSBC Holdings climbed 0.56%, while Barclays and Lloyds Banking advanced 0.98% and 1.02% respectively.
In the U.S., equity markets were to remain closed for the Labor Day holiday.
Also Monday, Market research group said that Spain’s purchasing managers’ index rose more-than-expected in August, hitting the highest level since March, although it remained in contraction territory for the 16th consecutive month.
Spain’s manufacturing PMI rose to 44 in August from 42.3 the previous month, beating expectations for a reading of 42.6.