ROME: European stocks popped higher Monday, recovering from a selloff at the end of last week, after a China moved to drive growth in the world’s second-largest economy
Greece, meanwhile, remained in focus as a deadline looms for the debt-strapped country to agree on economic reforms.
The Stoxx Europe 600 SXXP, +0.79% gained 0.8% to 406.87, with all sectors ending higher. Basic resources SXPR, +1.72% shares were the strongest performing after China’s central bank over the weekend cut the amount of reserves commercial banks must hold, a move that frees up about $200 billion for lending. China has been struggling with slowing growth, including in its key property market.
Among miners, shares of iron-ore producer Anglo American AAL, +2.72% rose 2.7%, Glencore PLC GLEN, +1.49% tacked on 1.5%, and Swedish miner and smelting company Boliden AB BOL, +3.69% jumped 3.7%. Iron-ore heavyweights Rio Tinto PLC RIO, +2.61% RIO, +1.38% RIO, +1.65% and BHP Billiton PLC BLT, +2.46% BHP, +1.08% BHP, +2.01% moved up 2.5% and 2.6%, respectively.
China is a major buyer of metals and other commodities.
