European stocks higher as mining stocks lead gains; French luxury giants LVMH and Kering up over 7%

LONDON — European stocks were higher Thursday, spurred on by overnight gains in Asia-Pacific markets.

The pan-European Stoxx 600 was up around 1% at around 12:30 p.m. London time, with most sectors and major bourses in positive territory.

Mining stocks led the gains, up 4%, with tech and household goods stocks both around 3% higher.

Oil and gas stocks, however, fell 3.1% as crude prices dropped on a Financial Times report that Saudi Arabia is preparing to scrap its unofficial oil price target of $100 a barrel. Energy firms including BP, Shell and TotalEnergies all traded more than 3% lower.

The relatively upbeat start to Europe's trading day comes after Asia-Pacific markets rose overnight.

Hong Kong's Hang Seng index advanced 4.16%, reaching its highest level since May, while mainland China's CSI 300 extended its winning streak to the seventh day.

Meanwhile, Japan's Nikkei 225 climbed 2.79%, while the broad based Topix was up 2.66%, as the Bank of Japan released minutes of its July meeting.

Back in Europe, shares of French luxury giants LVMH and Kering both rose toward the top of the regional benchmark. LVMH shares jumped 7.3% on Thursday, while Kering shares traded 7.7% higher.

Shares of H&M fell 4% after the clothing retailer posted a miss on operating profit and abandoned its earnings margin target.

The Swiss National Bank (SNB) on Thursday cut interest rates by a quarter point, bringing its key interest rate down to 1.0%. The move to lower borrowing costs, which had been widely anticipated, marked the SNB's third rate reduction of 2024.

Stateside, meanwhile, futures tied to the Dow Jones Industrial Average were slightly higher on Thursday after the index broke a four-day winning streak. Traders will be keeping a close eye on