European stocks rose Monday, as upbeat Spanish
manufacturing data overweighed concerns over Greece's future in the euro
zone.
The EURO STOXX 50 rose 0.30%, France’s CAC 40 gained 0.38%, while Germany’s DAX 30 climbed 0.71% during European morning trade.
In London, FTSE 100 gained 0.44%, led by CRH, whose shares surged 4.65% following the asset-purchase.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.31% increase, S&P 500 futures signaled a 0.25% gain, while the Nasdaq 100 futures indicated a 0.27% rise.
Spain's manufacturing purchasing
managers' index rose to 54.7 this month from 53.8 in December, beating
expectations for a rise to 54.0, as research group Market has reported.
Last week, concerns over deflation in the euro zone re-emerged after Eurostat said that the annual rate of inflation in the single currency bloc fell by 0.6% in January, after a 0.2% slip in December. Analysts had expected an annual decline of 0.5%.
Markets were also worrisome as Greece's new government said it will not cooperate with the International Monetary Fund and the European Union and will not seek an extension to its bailout program, underlining fears over a clash with its international creditors.
Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale slid 0.55% and 0.56%, while Germany's Commerzbank lost 1.54%.
Among peripheral lenders, Italy's Unicredit and Intesa Sanpaolo dropped 0.57% and 1.27% respectively, while Spanish banks BBVA and Banco Santander plummeted 1.36% and 1.64%.
In London, financial stocks were also on the upside with Lloyds Banking inching up 0.01% and the Royal Bank of Scotland gained 0.47%, while Barclays advanced 0.64%. HSBC Holdings underperformed however, dropping 0.43%.
Holcim rose 1.04% and Lafarge advanced 1.05% after the two companies agreed to sell €6.5 billion of assets to Irish building-materials company CRH to overcome antitrust demands and proceed with their planned merger.
Oil companies added to gains, as BP climbed 0.80% and Royal Dutch Shell B rallied 1.66%, while rival Tullow Oil soared 2.34%.
Both BP and BG Group, up 2.46%, earlier announced plans for a $21 billion cut in spending plans.
Meanwhile, mining stocks were mostly lower. Shares in Rio Tinto slipped 0.13%, while Randgold Resources and Fresnillo tumbled 1.14% and 1.50% respectively.
Later in the day, the U.S. was to produce a report on personal income and spending. The Institute of Supply Management was also to release data on manufacturing activity.
