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Europe Markets: European equities open June with rise to record level as value stocks continue to thrive

European stocks rose on the first day of June to new heights, with mining, oil and bank shares advancing.

In late-morning trade, the Stoxx Europe 600
SXXP,
+1.13%

rose 1.1%, putting the index on track to lodge a fresh record high. The FTSE 100
UKX,
+1.11%

added 1.2% after a three-day break.

U.S. stock futures
ES00,
+0.52%

also rose after a three-day break, ahead of the release of a key manufacturing report.

The gains came with crude-oil futures
CL.1,
+2.77%

reaching the highest level in more than two years, ahead of the OPEC+ production meeting. Eurostat reported that May consumer prices rose 2% year-over-year, due to rising energy prices.

The Stoxx Europe 600 rose 2% in May, its fourth consecutive monthly rise. By style, value had the best May, with the S&P Europe 350 enhanced value index rising 5%.

Of stocks in the spotlight, Porsche Automobil Holding
PAH3,
+4.67%

rose 4%, as speculation continued that the luxury automobile maker would be separately listed. Porsche Automobil Holdings holds 53% of Volkswagen
VOW3,
+2.50%
,
which controls Porsche AG, the company that makes the Porsche 911 sports car.

CD Projekt
CDR,
-5.51%

shares tumbled 8%, as the Warsaw-listed videogame maker reported a worse-than-forecast 65% drop in profit, weighed down by the troubled launch of “Cyberpunk 2077,” which currently is being blocked from the Sony PlayStation store due to bugs.

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