London — Forecast-beating profits at HSBC and strong gains for miners due to a two-year high in copper prices lifted European shares on Monday while the dollar lifted off 13-month lows against other major currencies. HSBC, Europe’s biggest bank, unveiled a 5% rise in profits in the first six months of 2107 and its third share buyback in a year, underlining progress in its turnaround plan. Its shares gained as much as 3% in London, helping to lift an index of European banks by 0.2%. However, the standout performers were mining companies, with an index of their shares up 1.3%, as industrial metal copper hit a fresh two-year peak after Chinese data showed that while manufacturing growth cooled slightly in July a push on infrastructure by the government kept construction humming. Copper on the London Metal Exchange last traded at $6,392/tonne, up 1.0% on the day, having risen as high as $6,430. The pan-European Stoxx 600 share index rose 0.3%, having fallen for the past two trading days...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.