Victor ReklaitisEuropean stocks edged up on Monday, with rises for miners and French telecom SFR Group SA helping to lead the benchmark higher.
The Stoxx Europe 600 SXXP, +0.22% inched up by 0.1% to 350.93. Shares in mining companies got a lift in part from encouraging Chinese economic data. Copper miner Fresnillo PLC FRES, +0.90% and platinum producer Anglo American PLC AAL, +2.35% gained 1.3% and 1.6%, respectively.
SFR SFR, +5.83% rose after Altice NV ATC, +1.29% said it will bid for the shares in the telecom company that it doesn’t own already.
Traders continued to react to Friday’s U.S. jobs report, which came in weaker than expected and suggested that the Federal Reserve may hold off on hiking interest rates when policy makers meet later this month.
“With the idea of a U.S. rate hike this month now fading fast, there’s a degree of weakness in play for the US dollar and this is favoring precious metals,” said Tony Cross, market analyst at Trusnet Direct, in a note on Monday.
“Some better-than-expected private PMI data out of China is lending support to the wider mining sector, too,” Cross added.
The Caixin China services purchasing managers’ index rose slightly to 52.1 in August from 51.7 in July, Caixin Media Co. and research firm Markit said Monday.
On the eve of the G-20 summit, President Barack Obama and Chinese President Xi Jinping announced that both countries would formally adopt the international climate-change agreement.
Movers: Meanwhile, SFR gained 5.9% after Altice, the holding firm controlled by French billionaire Patrick Drahi, offered to pay more than 2 billion euros ($2.24 billion) buy out minority shareholders in its French cable and telecom unit to simplify the debt-heavy investment firm’s corporate structure. Amsterdam listed Altice rose 1.3%.
Among the decliners, Zodiac Aerospace ZC, +1.81% dropped 0.7% after the French supplier of aircraft interiors warned again on profit. The company said its operating income for 2015-6 is expected to be around 10% lower than consensus forecasts.
German fashion house Hugo Boss AG BOSS, -1.38% fell 2.2% after UBS downgraded the stock to sell from neutral.
National indexes: The U.K’s FTSE 100 UKX, -0.16% rose 0.1% to 6,886.79, while France’s CAC 40 PX1, +0.44% added 0.2% to 4,552.92.
Germany’s DAX 30 DAX, +0.29% stepped up by 0.3% to 10,711.00.