Europe open: Shares up as miners gain on higher commodity prices

European stocks opened strongly on Tuesday after a positive close in Asian markets as China announced the easing of Covid-19 quarantine rules for overseas visitors.

The pan-European Stoxx 600 gained almost 1% in early deals, with all major bourses in positive territory. Asia shares rallied in late trade after China halved its quarantine period to seven days, with a further three days spent at home.

Investors were also eyeing more data later today, including US June consumer confidence and April home prices.

In other news, the Group of Seven summit in Germany will conclude today after leaders said they would support Ukraine in its defence of the country from Russia for “as long as it takes.”

In equity news, miners were higher on stronger commodities prices and hopes of an economic rebound in China. BHP, Anglo American, Glencore and Rio Tinto all made gains.

Shares in French car parts maker Faurecia rose after an upgrade to ‘buy’ from ‘hold’ from Jefferies.

On the downside, UK water utility Pennon Group was down 5% after the industry regulator opened an enforcement case against the company. Sector peer Severn Trent also fell on the news.