European Shares Rise From Six-Week Low as Commodity Stocks Gain
European stocks rebounded from a six-week low in a broad-based rally led by commodity producers.
The Stoxx Europe 600 Index climbed 0.7 percent at 8:17 a.m. in London after its biggest weekly slide in three months. BHP Billiton Ltd. and Anglo American Plc gained more than 2.5 percent for some of the biggest gains by miners. Energy producers advanced as oil rebounded.
After erasing the losses from the aftermath of the U.K. secession vote, European equities failed to push higher, instead posting their first back-to-back weekly declines since before the referendum. Banks, the industry group that suffered the most this year, showed again signs of weakness, while a record streak of outflows from the region’s equity funds deepened. Now all eyes are turning to this week’s Federal Reserve meeting, with economists and investors expecting the central bank to keep its policy unchanged.
Among stocks moving on corporate news, Weir Group Plc added 4.4 percent after JPMorgan Chase & Co. recommended buying shares of the maker of fracking pumps for oil companies, citing improving prospects. Catering company Sodexo SA gained 3.4 percent after an upgrade by Raymond James Financial Inc.