Commodity and Industrial Stocks Boost European Markets

European stock markets rose broadly on Wednesday after strong gains in the commodity and industrial sectors.

In London, the FTSE 100 set a new record high again, its 12th straight record, and the longest run of gains in its history. The index closed at 7,290, up just less than 0.4% on the day.

In France, the CAC 40 broke even for the session, closing flat at 4,888, while in Germany, the DAX rose by 0.49% to 11,646.

European currencies were weaker against the greenback, with the pound sterling sliding below 1.2100 briefly during the session, while the euro fell to 1.0475 on what was a generally stronger dollar on Wednesday.

Bond markets rose during the session, pushing yields down. French 10-year yields led the decline, falling by 4 basis points to 0.77%. U.K. yields fell by 1 basis point to 1.44% and German yields were down 3 basis points to 0.25%.

In individual stocks, commodities and consumer stocks were the biggest contributors to gains in London, after metals prices extended recent gains. Miner Anglo American (NGLOY) rose by 4%, while Rio Tinto (RIO) and BHP Billiton (BHP) were up more than 1%.

Dixons Carphone (DSITF) stock rose more than 4% in anticipation of it having seen a strong Christmas trading period, after fourth-quarter and festive-season numbers began to hit the market this week.

In Germany, utility firm E.ON (EONGY) rose more than 5% on hopes that its ongoing restructuring will soon become more ambitious, following pressure to do more from a large shareholder. RWE (RWEOY) also saw its stock rise notably, by more than 3%, after being upgraded by analysts at Barclays.

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