European stocks advanced on Monday, with both the STOXX 50 and STOXX 600 up around 0.3%, as investors looked past another increase in oil prices following US President Donald Trump’s rejection of Iran’s latest proposal to reopen the Strait of Hormuz. Luxury names were among the standouts, with LVMH gaining 0.9% and Hermès up 1.6%. Energy shares also traded higher, led by Shell (+0.9%), BP (+0.8%) and TotalEnergies (+0.7%). Other notable gainers included Anheuser-Busch InBev (+1.6%), L’Oréal (+1.7%) and EssilorLuxottica (+2.3%).
Taylor Wimpey ranked among the top performers on the STOXX 600, surging more than 14% as UK housebuilders rallied after the British government signalled it would confirm a new equity loan scheme for first-time buyers in next month’s budget.
On the downside, ASML Holding slipped 1.2%, Siemens Energy declined 1.5% and Telecom Italia fell 2.5%. Fresnillo dropped more than 5%, the sharpest fall on the STOXX 600, as weaker gold prices pressured precious metals miners.
