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Oil producers and luxury retailers lead European stocks higher

By Steve Goldstein

Oil producers rose on a swing higher in oil prices, and luxury-goods retailers recovered some recent losses as European stocks traded higher on Monday.

After its worst week since Feb. 26, the Stoxx Europe 600 rose 0.5% to 471.16.

Of the major regional indexes, the German DAX gained 0.2%, the French CAC 40 increased 0.9% and the U.K. FTSE 100 increased 0.4%.

Luxury-goods makers Kering and LVMH Moet Hennessy both advanced, following the stumble last week after China President Xi Jinping said the country would tackle income inequality.

BP , Royal Dutch Shell and TotalEnergie s were all beneficiaries of the 3% rise in crude-oil prices .

J Sainsbury was the biggest Stoxx 600 gainer, up 15% after the Sunday Times said Apollo was weighing whether to make a bid for the grocery chain, or join a consortium led by Fortress that's considering a counterbid for rival Wm Morrison Supermarkets .

Cembra Money Bank dived 29% after saying the ending of a credit-card partnership with retailer Migros will hit next year's profits by 10% to 15%.

-Steve Goldstein

 

(END) Dow Jones Newswires

10-01-21 2315ET

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