European shares led higher by mining companies; Glencore jumps
* FTSEurofirst 300 index up 0.5 percent
* Mining index tops gains
* Glencore surges after plans to cut debt
* German industrial output rises in July (Updates with closing prices)
By Atul Prakash
LONDON, Sept 7 (Reuters) - European shares gained on Monday, with basic resources stocks leading the market higher after mining and commodities trading company Glencore announced plans to cut debt and trim its African copper operations.
The pan-European FTSEurofirst 300 index was up 0.5 percent at 1,399.34 points by the close after rising to a high of 1,409.64 points in early trading. The index closed 2.5 percent lower on Friday when a mixed jobs report fuelled uncertainty about the timing of a likely U.S. rate hike.
Glencore shares rose 7 percent after the company said it will sell assets, raise $2.5 billion in a new share issue and suspend dividends, in an effort to cut its debt by a third to $20 billion by the end of next year.
"Concerns regarding the group's balance sheet have weighed heavily on the share price in recent weeks. Whilst uncertainties regarding prospects for China and its impact on the mining sector remain, Glencore management appear to be taking firm action to try and remove the company from the eye of the storm," Keith Bowman, equity analyst at Hargreaves Lansdown, said. Continuación...