European Stocks Advance as Oil Futures Gains Buoy Commodities Stocks

European equity benchmarks were rallying on Monday morning as modest gains in oil futures prices provided a fillip to commodities stocks.

West Texas Intermediate crude oil futures were 0.3% higher at $49.84 per barrel in recent trade while Brent crude futures, the international gauge, were up by the same amount at $52.37

In economic news, provisional data turnover in Germany’s retail trade in June 2017 was 1.5% in real terms and 3.1% in nominal terms larger than that in June 2016, according to German’s federal statistics agency Destatis. The number of days open for sale was 25 in June 2017 and 26 in June 2016.

In equities, Severn Trent, a water company, was up by 3.5%, high street bank HSBC and United Utilities Group were both 2.8% higher, while miners Rio Tinto, BHP Billiton and Anglo American were up by 1.9%, 1.7% and 1.5%, respectively.

On Frankfurt’s DAX, E.ON, an energy company, was 1.5% higher, thyssenkrupp, a diversified industrial company, was up by 0.9%, BASF, a chemical company, was up by the same amount and Merck, a pharmaceutical company, was 0.4% higher. RWE, a supplier of electricity and natural gas, advanced by 0.3%. And, on Paris’ CAC 40, Veolia Environnement, a provider of environmental management services, was 2.2% higher, Sanofi, a health care company, was up by 1.9%, CapGemini, a consulting and outsourcing provider, was 1.0% higher and Accor, a hotel operator, was up by 0.9%. Kering, a designer goods company, was also 0.9% higher.

The pan-European Stoxx 600 Index was 0.33% higher, London’s FTSE 100 Index was up by 0.47%, Frankfurt’s DAX was 0.12% higher and Paris’ CAC-40 was up by 0.18%, respectively, at the time of writing.

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