Dipo Olowookere
By Investors Hub
European stocks rebounded on Monday as HSBC Holdings announced a share buyback and mining stocks rallied after strong manufacturing data from China.
Additionally, Eurozone inflation held steady at 1.3 percent in July, official data showed, helping ease pressure on policymakers to tighten monetary policy.
Reports on German retail sales, unemployment and Eurozone unemployment also painted a positive picture of regional economies.
The pan-European Stoxx Europe 600 index was up 0.30 percent at 379.49 in late opening deals after losing as much as 1 percent on Friday.
The German DAX was moving up 0.2 percent, French shares were marginally higher and the U.K.’s FTSE 100 was adding 0.4 percent.
Germany’s Evotec rallied 3.4 percent after it agreed to buy all operational business of Aptuit Holdings LLC for $300 million or about 256 million euros.
Drug giant Sanofi climbed 1 percent after the French company raised its 2017 earnings forecast, citing strong second-quarter growth in sales.
Miners Antofagasta, Anglo American and Glencore climbed around 3 percent each as London copper prices hit their highest level in more than two years.
Tullow Oil gained 2.2 percent and BP Plc shares rose over 1 percent as oil prices hit two-month high amid the threat of sanctions against OPEC-member Venezuela.
HSBC Holdings rallied 2.6 percent after the Asia-focused lender reported higher profit in its first half on lower charges, despite weak revenues. The bank further said it will execute a further share buy-back of up to $2 billion in the second half.
On the flip side, British American Tobacco shares fell 2.6 percent and Imperial Brands lost 4.6 percent after the U.S. Food and Drug Administration on Friday announced it was seeking to cut nicotine levels in cigarettes.
Rolls Royce Holding declined 2.6 percent ahead of its interim results due tomorrow.
