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

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

added 1.2% after a three-day break.

U.S. stock futures

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

The gains came with crude-oil futures

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

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

CD Projekt

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.

Source link