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Europe Markets: European equities close at record high as value stocks continue to thrive

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European stocks rose on the first day of June to new heights, with mining, oil and bank shares advancing.

The Stoxx Europe 600
SXXP,
+0.75%

rose 0.8% to close at a fresh record high.

The U.K. FTSE 100
UKX,
+0.82%

also rose 0.8%, after a three-day break.

The gains came with crude-oil futures
CL.1,
+2.25%

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
PAH3,
+4.95%

rose 5%, as speculation continued that the luxury automobile maker would be separately listed. Porsche Automobil Holdings holds 53% of Volkswagen
VOW3,
+3.06%
,
which controls Porsche AG, the company that makes the Porsche 911 sports car.

CD Projekt
CDR,
-5.51%

shares tumbled 9%, 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.

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