02.11.202616:26:37UTC+00European Stocks Rise on Monday

European equities advanced on Monday, with the Stoxx 50 up nearly 1% and the broader Stoxx 600 gaining 0.5% to reach an eight-week high. Sentiment improved as signs of renewed diplomatic efforts between the US and Iran eased fears of further escalation, pushing oil prices lower and tempering inflation concerns. Spain led regional gains, followed by France, Italy, and Germany, while the UK lagged as weakness in heavyweight energy names weighed on the FTSE 100. Travel and leisure stocks rose more than 3%, supported by cheaper fuel, while construction and materials added over 2% and autos climbed more than 1%. Mining stocks also advanced, helped by firmer commodity prices, with gold up 2.3%, silver gaining more than 4%, and copper rising over 1%. By contrast, oil and gas shares fell more than 2% as WTI crude slipped below $100 a barrel. Alstom was a notable laggard, tumbling more than 25% after cutting its guidance yet again.