Lucy Harley-McKeown
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FTSE 100 LIVE: London stocks rise as China rate cut supports miners
How major markets are performing on Monday
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The FTSE 100 rose, while major European indexes declined in early trade on Monday, as markets reacted to a rate cut by the People's Bank of China.
The FTSE 100 (^FTSE) was 0.2% higher in early trade, led upwards by mining stocks such as Fresnillo (FRES.L), Glencore (GLEN.L) and Antofagasta (ANTO.L), which gained on rate cut news from China. Strong business activity in China tends to lift the stock prices of companies selling raw materials.
The People's Bank of China made expected moves to cut rates on Monday, reducing both its two and five-year rate by 25 basis points. The two-year rate is 3.1% and the five-year rate stands at 3.6%.
The DAX (^GDAXI) was 0.2% lower in Germany, while France's CAC (^FCHI) was 0.1% lower.
The pan-European STOXX 600 (^STOXX) ticked up 0.1%.
Gold (GC=F) prices rose 0.5% to $2743 a troy ounce in early trade, building on all-time highs.
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