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London - European stocks rose in a broad rally, approaching their highest level since December 2015, as increasing copper prices boosted the shares of basic-resources companies.
The Stoxx Europe 600 Index advanced 0.3% at 10:38, with 17 of 19 sectors advancing and the mining sector reaching its highest level since 2014. The Stoxx 600 finished last week with a 0.9% gain amid a slew of positive earnings results and better-than-expected export data from China, which helped propel advances on Monday in Asian markets.
“Fundamentally, earnings upturn is tracking and equities remain under-owned,” JPMorgan strategist Mislav Matejka wrote in a note. “We continue to believe that one should not look for any meaningful weakness.” Inflation data from China, the UK, Germany and the US will be in focus this week, as they are all expected to come in stronger than last month due to the rise in energy prices, according to Michael Hewson, an analyst at CMC Markets in London.
Stada Arzneimittel jumped as much as 17% after the German drugmaker said it received two takeover offers. Royal Bank of Scotland rose 1%after the UK lender was said to plan more than $1bn of cost cuts.
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