European stocks rise on Spanish data, Greece hopes; Dax up 0.42%

Investing.com - European stocks were higher on Monday, boosted by positive Spanish manufacturing data and after the German Parliament approved a new aid package for Greece.

During European morning trade, the EURO STOXX 50 rose 0.34%, France’s CAC 40 advanced 0.42%, while Germany’s DAX 30 climbed 0.42%.

Markit research group said that Spain's manufacturing purchasing managers' index improved to 45.3 in November from a reading of 43.5 the previous month, beating expectations for a rise to 44.0.

Market sentiment remained supported after German lawmakers approved the latest aid package for Greece by a large majority, clearing the way for the country to receive EUR44 billion in loans.

Euro zone finance ministers were to hold talks in Brussels later in the day to discuss the terms of the new Greek aid deal, as well as details of an EUR10 billion bailout for Cyprus.

Financial stocks were mixed, as France saw shares in BNP Paribas slip 0.16% and Societe Generale climb 0.40%, while Germany's Deutsche Bank rose 0.35% and Commerzbank fell 0.36%.

Peripheral lenders were also mixed as Italian banks Intesa Sanpaolo and Unicredit advanced 0.46% and 0.84%, while Spain's Banco Santander and BBVA dropped 0.41% and 0.67%.

Philips Electronics added to gains, as shares jumped 1.46% after the company said it would increase restructuring charges to EUR380 million from an earlier estimated 300 million in the final quarter this year, mainly due to the integration of certain operations.

In London, commodity-heavy FTSE 100 added 0.29%, boosted by gains in mining stocks.

Mining giants Rio Tinto and BHP Billiton saw shares rally 1.55% and 0.97%, while copper producers Xstrata and Kazakhmys advanced 0.65% and 1.96%.

Oil and gas major Anglo American was also on the upside, climbing 0.66%, while rival BP edged up 0.08%.

In the financial sector, stocks were mixed. Shares in Lloyds Banking slipped 0.15% and HSBC Holdings fell 0.20%, while Barclays rose 0.30% and the Royal Bank of Scotland advanced 0.56%.

Elsewhere, Hargreaves saw shares tumbled 1.72%. The Telegraph reported earlier that the pay of company executives has increased by an average of 12 pence in the last financial year, more than four times that of other workers, despite the economic downturn, according to a study.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.12% rise, S&P 500 futures signaled a 0.11% gain, while the Nasdaq 100 futures indicated a 0.33% increase.

Also Monday, final data showed that China’s HSBC purchasing managers’ index came in at 50.5 in November from 49.5 in October, indicating that economic activity is picking up.

Later in the day, the Institute of Supply Management was to produce a report on manufacturing growth in the U.S.