RTTNews - The European markets rose on Monday, as banking stocks rallied after an influential analysts upgraded Goldman Sachs and automotive stocks gained after a report said Qatar offered to buy a stake in sports-car maker Porsche.
Crude for August delivery fell $0.84 to $59.05 a barrel on the New York Mercantile Exchange, by the time the European markets closed, as worries about energy demand continued to linger.
The FTSEurofirst 300 index of pan-European blue chips closed 1.95% higher at 830.19 points, while the narrower DJ Stoxx 50 index rose 2.02% to 2,057.06 points.
Around Europe, the U.K.'s FTSE 100 index rose 1.82% to 4,202.13, while France's CAC 40 index surged up 2.31% to 3,052.08 and Germany's DAX index climbed 3.19% to 4,722.34.
Financial stocks climbed after analyst Meredith Whitney upgraded Goldman Sachs to buy from neutral and provided a reassuring assessment of the sector's performance. HSBC, Europe's largest bank, added 1.1%, while BNP Paribas, France's largest bank, rose 2.5% and Deutsche Bank, Germany's biggest lender, surged up 4.2%.
Porsche jumped 9.7% after Der Spiegel reported that Qatar offered about ?7 billion for a stake in the sports-car maker and its Volkswagen stock options.
Volkswagen, Europe's biggest carmaker, climbed 4.9%, while BMW, the world's biggest maker of luxury cars, surged up 3.3% and Daimler, the second biggest, gained 6%.
Royal Philips Electronics, Europe's biggest consumer electronics maker, climbed 7.3% after the company reported a surprise second quarter profit.
UK life insurer Friends Provident rallied 11.9% after the company rejected a takeover proposal from Resolution, saying the offer was inadequate.
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