European stocks moving towards first gain in three days

On Monday European stocks headed for the first gain in three days, spurred by raw-material producers on optimism the global economy is gathering momentum. Industrial metals including copper climbed after manufacturing data from China showed another expansion.

S&P 500 Index futures edged higher after Anglo American Plc, Glencore Plc and Rio Tinto Plc helped underpin the advance in the Stoxx Euro 600 gauge. Miners also propelled the MSCI All Country World Index toward a ninth month of gains. HSBC Holdings Plc stoked lenders after reporting earnings that beat estimates. West Texas crude briefly traded above $50 a barrel for the first time since May, while copper rose to a two-year high and iron ore surged.

Stocks are rebounding from Friday’s selloff as evidence points to resilient global growth, with investors assessing data from the world’s top three economies. China’s official factory gauge showed continued expansion in June, even as it slipped amid government efforts to curb financial risks. Japan’s industrial output expanded in June, while numbers on Friday showed the U.S. economy accelerating in the second quarter.

The Stoxx Europe 600 Index jumped 0.4 percent as of 7:33 a.m. in New York. Basic resources climbed 1.2 percent. Futures on the S&P 500 Index gained 0.1 percent. The MSCI All-Country World Index advanced 0.1 percent. The U.K.’s FTSE 100 Index increased 0.3 percent. The MSCI Emerging Market Index climbed 0.3 percent.

West Texas Intermediate crude fell 0.3 percent to $49.57 a barrel, the first retreat in more than a week. Copper climbed 0.9 percent to $2.90 a pound, the highest in more than two years. Gold declined less than 0.05 percent to $1,269.13 an ounce.

The Japanese yen increased 0.2 percent to 110.51 per dollar, the strongest in six weeks. Japan’s Topix index closed 0.2 percent lower after swinging between gains and losses.