European Stocks Edge Higher Amid Gains in British Builders
European stock markets edged higher on Monday, led by gains in British housebuilders. The pan-European STOXX 600 index rose 0.3% to 640.43 points as of 0725 GMT.
The rally in British housebuilders was fueled by the government's confirmation that it would announce a new equity loan program for first-time buyers in next month's budget, reviving expectations of renewed support for home ownership and construction.
Leading builders Persimmon, Barratt Redrow, Taylor Wimpey, and Vistry saw their shares jump between 13% and 17%. However, gains were limited by a rebound in crude prices, with Brent oil surging over 3% after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.
Investors are also awaiting speeches from European Central Bank President Christine Lagarde and Bank of England Deputy Governor Dave Ramsden later on Monday, which could provide insight into the path of monetary policy in response to persistent inflationary pressures.