European stocks climb on solid PMIs, Bank stocks lead

The European equity markets kicked-off a brand new week on a positive note, now extending opening gains as markets cheer much better-than expected Euro area flash manufacturing PMI reports.

Moreover, a rebound staged by oil prices coupled with higher banking sector stocks also drive the rally in the European indices. The European banks recovered post-Brexit losses amid rising bond yields and solid US banks’ results.

While the commodity-heavy UK’s FTSE advanced on the back of gains seen in the metal and mining stocks. Mining giants such as Glencore rallied 1.85% and Rio Tinto climbed about 2%, while BHP Billiton also advanced almost 2%.

Meanwhile, Germany's DAX 30 index rallies +0.81% to 10,795 levels, while the UK's FTSE 100 index gains +0.17% to, 7,033. Among the other indices, the French CAC 40 index rises +0.68% to 4,566, while the pan-European Euro Stoxx 50 index adds +0.85% to trade just ahead 31k mark.