European stocks climb on UK home builder gains
European stocks rose slightly on Monday, supported by an increase in shares of British homebuilding companies, following the government's announcement of a new stock-backed loan plan to boost homeownership. Shares of companies such as Persimmon, Barratt Developments, Taylor Wimpey, and Berkeley Group jumped between 13% and 17%. However, market gains were limited by a rise in oil prices, which surpassed 3% after Iran rejected a proposal to open the Strait of Hormuz, escalating tensions in the Middle East. Additionally, mining stocks declined due to falling metal prices. Investors are also awaiting central banks' statements regarding monetary tightening to combat inflation.
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