Europe open: Shares higher on China lockdown easing

European shares rallied at the open on Monday as a positive close on Wall Street on Friday and the easing of Covid-19 restrictions in China lifted sentiment.

The pan-regional Stoxx 600 surged 1% in early deals with all major bourses higher.

Commodities rebounded as fears that the Chinese economy could go slowdown receded, which in turn lifted mining stocks. Rio Tinto, Glencore, Antofagasta and Anglo American all sharply higher.

Elsewhere, consumer goods and healthcare company PZ Cussons rose after saying it expected annual group revenue of around £590m with like-for-like growth of 3%. The maker of Imperial Leather soap said growth was driven by price/mix as it maintained full-year profits guidance.

In equity news, tech investor Prosus gained 10% after it said it would gradually sell down its 28.9% stake in Chinese software giant Tencent, owner of WeChat, worth more than $100bn at current prices.

Intesa Sanpaolo shares rose after Italy's biggest bank halved its share buyback programme for this year to €1.7bn.