European stocks rally led by banks & miners

After a flat start to the week, the European stocks climbed higher this Monday, taking the positive cues from a strong Wall Street close in response to upbeat US jobs report.

Moreover, the sentiment also got a lift from higher oil prices as well as from positive Chinese iron-ore imports data, which sent energy and mining stocks higher. China’s total imports data slumped sharply in July, although the country’s iron-ore imports rose 8.3% m/m to hit its second-highest on record. 

Further, the banking sector also lent support to the rally in the European stocks. Barclays shares rallied after Exane BNP Paribas sharply raised its price target for the stock along with HSBC which was also in the red.

Currently, Germany's DAX 30 index jumps +0.90% to 10,460, while the UK's FTSE index trades +0.18% higher to 6,805. Among other European indices, the French CAC 40 index edges +0.55% higher at 4,435, while the pan-European Euro Stoxx 50 index advances +0.88% to 3k mark.