European stocks edge higher; oil and mining shares drag

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(For a Businesshala Live blog on the US, UK and European stock markets, click/ or type live/ in a news window)

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November 18 (Businesshala) – European shares rose on Thursday after a strong earnings season, while weakness in oil and metal prices weighed on commodity-related stocks.

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The pan-European STOXX 600 climbed 0.1% as of 0824 GMT, with travel and leisure stocks leading. While gains have been modest in the recent past, the benchmark index has gained 17 times over the past 19 sessions.

Oil stocks were among the biggest drags on the index, and were down 1.2% after plunging oil prices on concerns of oversupply and the prospect of releasing China’s strategic fuel reserves.

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Miners fell 0.8%, with copper prices in London hitting their lowest level in more than a month, weighing in on rising inventories.

Submarine-to-steel conglomerate Thyssenkrupp jumped 3.6% after saying its profit could more than double next year and it could take its hydrogen unit public.

Playtech rose 3.6% after receiving a takeover bid from JKO Play Ltd, a firm co-owned by former F1 boss Eddie Jordan. JKO joins a series of takeover bids for a British online gambling software developer.

Shares of German auto supplier Continental fell 2.7% after announcing the departure of its chief financial officer following an investigation into the illegal use of necklace devices in diesel engines. (Reporting by Anisha Sarkar in Bengaluru)

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