European stocks higher after Spain, China PMIs; Dax up 0.25%

European stocks were higher on Monday, supported by positive service sector data out of Spain and China, while European Central Bank President Mario Draghi's comments from last week continued to support. 

During European morning trade, the EURO STOXX 50 edged up 0.25%, France’s CAC 40 rose 0.16%, while Germany’s DAX 30 added 0.25%. 

Markit research group said Spain's services purchasing managers' index rose to 48.5 in July from a reading of 47.8 the previous month, beating expectations for a rise to 48.0. 

In China, the HSBC PMI for the services industry for July read 51.3, the same reading as June. Readings above 50 indicate expansion. 

The official government reading for non-manufacturing PMI in July released over the weekend was 54.1 compared with 53.9 in June. 

European equities found support last week, after ECB President Draghi said that the central bank’s monetary policy will remain accommodative “for an extended period of time”. 

Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale added 0.29% and 0.15%, while Germany's Deutsche Bank slipped 0.17%. 

Among peripheral lenders, Spanish bank BBVA edged up 0.14%, while Italy's Unicredit and Intesa Sanpaolo declined 0.76% and 0.70%. 

Elsewhere, Veolia Environnement jumped 1.07% even asn net income fell to EUR3.6 million from EUR162 million a year earlier and operating income dropped to EUR364 million from EUR373 million. 

In London, commodity-heavy FTSE 100 rose 0.52% supported by gains in the mining sector. 

Mining giants Rio Tinto and BHP Billiton both added 0.15%, while rivals Anglo American and Vedanta Resources rallied 1.17% and 1.79% respectively. 

Meanwhile, financial stocks were mixed. Shares in Barclays climbed 0.83% and Lloyds Banking surged 2.71%, while HSBC Holdings dipped 0.05% and the Royal Bank of Scotland retreated 0.64%. 

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% gain, S&P 500 futures signaled a 0.01% rise, while the Nasdaq 100 futures indicated a 0.08% increase. 

Later in the day, the Institute for Supply Management was to release its nonmanufacturing index.