RTTNews - The European markets rose on Monday, as mining and energy stocks gained after copper and crude oil prices advanced on speculation that demand will rise on a global economic recovery.
In economic news, the U.S. Commerce Department said in its report that new home sales jumped 11% to an annual rate of 384,000 in June from the revised May rate of 346,000. Economists had expected sales to rise to 352,000 from the 342,000 originally reported for the previous month.
Crude for September delivery rose $0.09 to $68.14 a barrel on the New York Mercantile Exchange, by the time the European markets closed.
The FTSEurofirst 300 index of pan-European blue chips closed 0.46% higher at 911.58 points, while the narrower DJ Stoxx 50 index rose 0.63% to 2,262.41 points.
Around Europe, the U.K.'s FTSE 100 index surged up 0.21% to 4,586.13, while France's CAC 40 index rose 0.18% to 3,372.36 and Germany's DAX index climbed 0.42% to 5,251.55.
Mining stocks rose after copper prices rallied to a nine-month high in London. BHP Billiton, the world's biggest miner, rose 1.5%, while Xstrata, the world's fourth largest copper producer, added 1.4% and Antofagasta, which owns copper mines in Chile, climbed 2.3%.
Heavily weighted oil stocks rose after crude oil prices advanced. BP, Europe's biggest oil company, surged up 1.6%, while Royal/Dutch Shell, the second biggest, added 1.2% and Total, the third biggest, gained 0.7%.
Pearson, the owner of the Financial Times newspaper, jumped 12.1% after the company reported an increase in first-half adjusted earnings and confirmed its adjusted earnings forecast for the full year.
Lloyds Banking Group, Britain's biggest mortgage lender, climbed 6.9% after the Sunday Telegraph reported that the company is considering selling part or all of its Bank of Scotland joint ventures unit.
On the other hand, Ryanair Holdings, Europe's largest low-cost airline, dropped 8.5% after the company said full year earnings will be at the low end of its forecast.
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