Economic news

European Stocks Climb on Commodity Boost ahead of Data

June 1 (Reuters) - European stocks rose on Tuesday, with commodity-linked shares leading the way on strong metal and oil prices, while investors looked ahead to the latest set of factory activity and inflation data.

The pan-European STOXX 600 index gained 0.5% in the first trading session of June, hovering below a record high hit last week, with UK shares gaining 0.4% after a holiday on Monday.

Miners such as Anglo American, BHP Group and Glencore climbed more than 2% each, giving the biggest boost to the STOXX 600 as prices of copper and other metals rose.

Oil majors BP, Royal Dutch Shell and Total inched up as Brent crude futures topped $70 per barrel to trade at its highest since March on growing optimism over fuel demand outlook.

Surveys earlier showed Asia’s factory activity continued to expand in May, thanks to an ongoing recovery in global demand.

Investors are awaiting final readings of IHS Markit’s factory activity data for euro zone and UK, as well as consumer prices data for May.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

Source: Reuters


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