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Europe: Stocks up as commodities surge; euro weakens

2017-10-12T103540Z_1617633130_RC15D6B920F0_RTRMADP_3_MARKETS-EUROPE-STOCKS.JPG

[SYDNEY] Stocks in Europe nudged higher, led by miners as gains in oil and copper drove commodity prices to a six-month high. The euro weakened and Spanish stocks fell after Catalonia's leader defended the region's claim to independence from Spain.

The Stoxx Europe 600 Index rose 0.2 per cent as of 8:18 am London time, the highest in almost 19 weeks.  The UK's FTSE 100 Index gained 0.2 per cent.  Germany's DAX Index increased 0.1 per cent to the highest on record.  Spain's IBEX Index sank 0.2 per cent. The Stoxx Europe 600 Index followed gains in benchmarks from Tokyo to Sydney, with a gauge of basic-resources shares reaching a four-year high. The Bloomberg Commodity Index hit a six-month high as crude oil surged on concern tensions between Iraqi forces and Kurds will disrupt supplies. Copper climbed to the highest since Aug. 2014, on speculation Chinese growth will sustain demand as the country prepares for its crucial leadership summit starting this week. Zinc, nickel and lead also rose.

BLOOMBERG