European stocks extended gains Tuesday, boosted by solid equity sentiment following a record-setting session for U.S. markets and surging commodities prices.
The broadest measure of European shares, the Stoxx 600 index, added 0.43% to trade at 341.96, the highest since November 10 by 10:15 GMT. Britain's FTSE 100 gained 1.1%, or 74 points, to trade at 6845 while benchmarks in Germany (+0.66%) and France (0.77%) had similar percentage advances.
Mining and basis materials stocks led FTSE gains, with Anglo American (NGLOY) rising 4.61% to the top of the leaderboard following another surge in global copper prices. BP plc (BP) shares gained 1.32% while Royal Dutch Shell (RDS.A) added 1.24%.
Metals prices were once again on the march in overnight, shrugging-off the U.S. dollar strength and extended that rally into European trading as copper rose 1.8% to a one-week high of $5,657 per tonne as traders bet on steep infrastructure spending increases from President-elect Donald Trump.
The European advances follow an historic session in the United States, where all four of the major equity indices closed at record highs Monday, a feat last achieved in 1999, as higher oil prices, a strong dollar and inflation expectations all helped to lift stock prices higher amid increasing "Trump trade" bets.
Oil prices continued to drive market sentiment in Europe, as well, with crude prices for January delivery adding to gains ahead of next week's key OPEC summit in Vienna, where cartel members are attempting to reach an agreement on their first production freeze since 2008.