AMSTERDAM/LONDON: European stocks hit record highs on Monday as another run of gains in automakers more than offset early declines in commodity-linked shares sparked by downbeat China export data.
The European automobiles and parts index rose 0.9% to reach its highest since March 2015, extending a 5.3% rally from last week.
The continent-wide STOXX 600 index added 0.2%, with global investors now eyeing a European Central Bank meeting later this week. Eurozone banks were broadly higher as government yields were steady near one-month lows ahead of the ECB meeting on Thursday when policymakers are expected to stick to their dovish policy stance.
Miners fell 1.6% as copper prices dipped after a slower-than-forecast growth in Chinese exports sparked concerns about weakening demand for the red metal.
Oil and gas stocks declined 0.3% as crude prices pulled back ahead of talks this week between Iran and world powers over a nuclear deal that, if clinched, is expected to boost crude supplies.
Italian lender Unicredit jumped 3.5% after Jefferies upgraded the stock to “buy” from “hold”.
French vouchers and cards provider Edenred rose 3.6% after Deutsche Bank upgraded the stock to “buy”.
British-listed miner Anglo American fell 2.7% after it completed the spin-off of its Thungela thermal coal business.
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