Surging commodity stocks prop up European shares

European shares saw a slight uptick on Monday, thanks to the strong performance of commodity-linked stocks. However, uncertainty surrounding interest rates limited the gains. The pan-European STOXX 600 index rose 0.1% by 0716 GMT, staying below the record highs reached last week.
European miners and oil & gas companies saw gains of 0.8% and 0.7% respectively, as copper prices reached record highs. This surge was attributed to China’s support measures for its property market and stronger-than-expected industrial data. Gold prices also reached new highs, while crude prices rose due to political uncertainty in major oil-producing countries such as Iran and Saudi Arabia.
Euro zone sovereign bond yields have risen as officials from both the European Central Bank and the Federal Reserve have expressed caution about the future of monetary easing. This has offset the positive impact of increasing commodity prices on equities.