European stocks extended their highest level in more than seven years, as banks and commodity producers advanced, while investors focus on economic reports to gauge the strength of the region’s economy.
The Stoxx Europe 600 Index rose 0.2 percent to 393.1 at 8:23 a.m. in London. The equity benchmark climbed 2.6 percent last week, extending its February gain to 6.4 percent, amid better-than-expected financial results from companies including Airbus Group NV, and U.S. consumer sentiment data.
The Stoxx 600 has rallied 15 percent in 2015, its best-ever start to a year, as Greece reached a bailout deal and the European Central Bank announced quantitative easing.
Investors will watch economic reports today, with the euro area updating on consumer prices, while the U.S. releases private income and spending data. A report on U.S. manufacturing is also due, along with factory gauges across the euro region.
Futures on the Nasdaq 100 Index rose 0.3 percent. The Nasdaq Composite Index on Friday capped its biggest monthly advance since January 2012. The MSCI Asia Pacific Index dropped 0.1 percent after Chinese policy makers cut interest rates for the second time in three months to spur growth.
A measure of bank stocks contributed the most to the Stoxx 600’s advance, led by Barclays Plc, which rose 1.3 percent. Glencore Plc paced gains among commodity producers.
Among stocks moving on corporate news, Vivendi SA slid 5.4 percent. The French conglomerate that’s refocusing on media businesses said it plans to return about 5.7 billion euros ($6.4 billion) to investors after selling more than $30 billion of assets.
A gauge of energy stocks fell from a three-month high, as oil prices declined after OPEC output exceeded its quota for a ninth month in February.
Source: Bloomberg
