European stocks boast second straight win
On Monday, EU stocks kept climbing up, mostly led by miners, while the broader market was still praising last week’s stimulus from the ECB.
The Stoxx Europe 600 closed +0.8% at 344.86, raised by basic materials and tech sectors. Then, the pan-European index ended up +2.6% in the wake of Europe’s central bank’s intention to withstand inflation in the eurozone.
Top advancers included Glencore with its +5.3%, Boliden AB with +1.7% and Anglo American PLC with +3.5%. Perhaps, that was a sort of reaction to China’s industrial production slowdown. As we know, this Asian country is a primary buyer of EU’s precious as well as industrial metals. Poor Chinese data has sparked the fire of a stimulus hope, thus greatly helping miners and commodities.
However, gas and oil sectors turned lower because crude prices dipped before the OPEC issued its monthly market report on Monday. Stocks of oil producer Statoil ASA sagged 0.7%, while French Total SA ended -0.8%.
Prices for West Texas Intermediate oil as well as Brent crude lost almost 2%, following production cut speculations.