European stock markets climbed at the open as as Europe looks ahead to a key week on the political, monetary policy and energy market fronts.
In London, the blue-chip index was being led by the miners, which staged a rebound after the recent sell-off.
Topping the FTSE 100 was Antofagasta (ANTO.L), up 4.5% on the back of the reviving copper price. Following in its wake were Anglo American (AAL.L), up 3.3%, Glencore (GLEN.L) which rose 3% and Rio Tinto (RIO.L), up 2.8%.
Meanwhile, Haleon, the consumer healthcare product arm of GSK (GSK.L) started trading on Monday, becoming the biggest new listing in London in 2022.
Haleon has gone straight into the FTSE 100 index, where GSK also will remain. It will not be issuing new shares as part of its flotation. Rather, existing investors in GSK will get one share in the new company for each current one they own.
Haleon made its debut at 330p a share, valuing the business at £30.4bn
Asian markets finished higher as Chinese and Hong Kong shares made gains. The Hang Seng (^HSI) gained 2.4% in Hong Kong and the Nikkei 225 (^N225) rose 0.5% in Tokyo. The Shanghai Composite (000001.SS) climbed 1.4%.
Meanwhile, oil prices are hovering above the $100 mark. Brent crude oil (BZ=F) was trading at $104 on Monday after US president Joe Biden failed to secure output hike agreements with Saudi Arabia, the world’s top oil exporter.
Naeem Aslam, chief market analyst at Avatrade said: “Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which president Biden spoke to a number of Arab leaders.
“The message is that it is OPEC+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve. OPEC+ will continue to control oil supply, and one country alone cannot determine the oil supply — at least that is the message that traders have taken from Biden’s visit to Saudi Arabia.”
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