European stocks higher on strong PMIs, Syria worries ease; Dax up 1.71%

European stocks pushed higher on Monday, supported by upbeat manufacturing data out of the euro zone and China, while concerns over an imminent military strike on Syria slightly eased. 

During European afternoon trade, the EURO STOXX 50 rallied 1.61%, France’s CAC 40 surged 1.69%, while Germany’s DAX 30 jumped 1.71%. 

Markit research group said its final manufacturing purchasing managers' index for the euro zone rose to 51.4 in August, from a reading of 51.3 the previous month, hitting the highest level since July 2011. Analysts had expected the index to remain unchanged last month. 

The data came after a report showed that China’s final HSBC PMI inched up to a four-month high of 50.1 in August, unchanged from a preliminary reading and up from 47.7 in July. 

In the U.S., President Barack Obama launched a political offensive on Sunday to persuade Congress to approve a military strike against Syria, but faced a struggle to win over lawmakers from both parties. 

Congress will only debate a Syria strike when it returns from its summer recess on September 9, delaying any possible response to a chemical gas attackthat is believed to have killed hundreds of civilians last month. 

Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale surged 3.13% and 3.94%, although Germany's Deutsche Bank rallied 1.98%. 

Peripheral lenders added to gains, with Spanish banks Banco Santander and BBVA advancing 2.25% and 2.49% respectively, while Italy's Intesa Sanpaolo and Unicredit jumped 2.36% and 2.62%. 

Elsewhere, energy stocks were also on the upside, as shares in Iberdrola climbed 0.70% and Total gained 0.62%, while ENI jumped 1.10%. 

In London, commodity-heavy FTSE 100 rallied 1.76%, boosted by gains in mining stocks and after dats showed that manufacturing activity in the U.K. rose to a 30-month high in August. 

Glencore Xstrata surged 3.27% and Rio Tinto gained 4.15%, while Vedanta Resources and Anglo American advanced 2.75% and 4.06%. 

Vodafone was also one of the top gainers, up 2.98%, amid reports Verizon Communications could announce an agreement on Monday to acquire Vodafone's 45% stake in their wireless venture for USD130 billion. 

Meanwhile, financial stocks remained mostly higher, as Barclays climbed 1.94% and HSBC Holdings surged 2.45%, while the Royal Bank of Scotland saw shares jump 1.37%. Lloyds Banking underperformed however, tumbling 1.23%. 

In the U.S., markets were to remain closed for the Labor Day holiday. 

Also Monday, Markit said Spain's manufacturing PMI rose to 51.1 in August, from a reading of 49.8 the previous month, hitting its highest level since April 2011. Analysts had expected the index to rise to 50.8 last month.