(RTTNews) - the European markets rose for the fourth day on Monday, as financial stocks rallied after the Group of 20 rich and developing countries pledged to keep economic stimulus in place until recovery was assured and commodity stocks gained after crude oil and metals prices climbed.

The G-20 finance ministers pledged on Saturday at a meeting in Scotland to continue to provide support for the economy until the recovery was assured.

German industrial production fell 2.7% month-on-month in September after a revised increase of 1.8% in August, the Federal Ministry of Economics and Technology said today. Economist had expected 1% increase.

Crude for December delivery rose $2.59 to $80.02 a barrel on the New York Mercantile exchange, by the time the European markets closed, as tropical storm Ida approached the Gulf of Mexico and the U.S. dollar weakened.

The FTSEurofirst 300 index of pan-European blue chips closed 1.99% higher at 1,012.23 points, while the narrower DJ Stoxx 50 index rose 2.03% to 2,488.63 points.

Around Europe, the U.K.’s FTSE 100 index surged up 2.14% to 5,235.18, while France’s CAC 40 index rose 2.11% to 3,785.49 and Germany’s DAX index climbed 2.40% to 5,619.72.

Banking stocks were among the top gainers. Royal Bank of Scotland, Britain’s biggest government-controlled bank, climbed 6.3%, while BNP Paribas, France’s largest bank, rose 2.8% and Deutsche Bank, Germany’s biggest lender, surged up 3.4%.

Allianz, Europe’s biggest insurer, rallied 4.3% after the company reported third quarter profit that increased from last year and beat analysts’ estimate.

Heavily weighted oil stocks gained after crude oil prices advanced. BP, Europe’s biggest oil company, rose 1.9%, while Royal/Dutch Shell, the second biggest, surged up 2.3% and Total, the third biggest, climbed 2.1%.

Similarly, mining stocks advanced after metals prices climbed. BHP Billiton, the world’s biggest miner, rose 4.2%, while Anglo American, the second biggest, and Rio Tinto, the third biggest, surged up 6.3%. Copper miner Antofagasta gained 4.6%.

German tiremaker Continental AG rallied 5.2% after Citigroup upgraded the stock to “buy” from “hold.”

British confectioner Cadbury closed 0.4% higher after rejecting Kraft Foods’ unsolicited takeover offer of �9.8 billion after Kraft stuck to the terms of its initial bid.

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Posted in Categories: Releases, Stocks.

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