European equities open June with rise as value stocks continue to thrive

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

In early trade, the Stoxx Europe 600 SXXP, +1.03% rose 0.9%. The FTSE 100 UKX, +1.23% added 1% after a three-day break.

U.S. stock futures ES00, +0.40% also rose after a three-day break, ahead of the release of a key manufacturing report. 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, +3.70% rose 5%, as speculation continued that the luxury automobile maker would be separately listed. Porsche Automobil Holdings holds 53% of Volkswagen VOW3, +2.56%, 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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