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Europe stock markets higher as copper prices surge

Stock markets in Europe were higher on Monday morning, after another set of record closes on Wall Street and as investors eyed fresh data and digested new political developments.

The pan-European Stoxx 600 was 0.25 percent higher with most sectors trading positive. Basic resources stocks were the best performers in early deals, higher by 2.5 percent continuing the trend in Asian markets. Copper surged to its highest in 20 months overnight due to Chinese data and supply disruptions at two major copper mines.

The German drug maker Stada was at the top of the European benchmark, up nearly 15 percent after several takeover offers. Also up Monday was Swedish oil firm Lundin Petroleum, which rose 3.2 percent on news that it is to spin off its assets outside of Norway.

Elsewhere, the Swedish defense firm Saab was down 2.6 percent after missing profit forecasts in the fourth quarter 2016.

On the data front, a data release by the European Commission on Monday will provide a series of indicators on the health of member states of the EU and some non EU-countries, including inflation and employment figures.

French Prime Minister Bernaud Cazeneuve is to meet in Berlin with German Chancellor Angela Merkel, Vice-Chancellor Sigmar Gabriel and former President of the European Parliament Martin Schulz.

The yen slipped against the dollar in Asian trading following U.S. President Donald Trump’s meeting with Japanese Prime Minister Shinzo Abe, in which the former’s tough campaign rhetoric over security and jobs appeared to be diluted.

Also over the weekend, North Korea fired a ballistic missile into the sea on Sunday morning, the first such test since President Trump was elected. On Monday morning, Pyongyang said that the test of a new missile type at the weekend was successful and is capable of carrying a nuclear warhead.

Source: CNBC

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