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China move lifts markets

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China move lifts markets

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Europe’s stock markets – and commodity prices – enjoyed an early boost on Monday thanks to a Chinese economic stimulus plan, but those gains tailed off towards the end of the day.

The prospect for improved economic growth pushed up not only share prices, but also oil as well as gold and base metals; copper rose over eight percent.

As a result, the big gainers in Europe were mining companies such as BHP Billiton, Rio Tinto, Xstrata and Antofagasta as well as energy firms, including BP, Total and Shell, and steelmaker ArcelorMittal.

Russia’s main stock exchanges which are dominated by commodities firms – producing metals and oil particularly – surged. Europe’s biggest losers were financial shares. Spain’s Banco Santander fell five percent as it said it will sell more shares.