European shares hit over one-week highs as Omicron worries fade

Miners jump on China’s easing of monetary policy

Photograph: iStock

Photograph: iStock

 

European stocks rose on Tuesday to their highest in more than a week, with technology shares witnessing a rebound, as worries about the Omicron coronavirus variant ebbed, while miners jumped after China eased its monetary policy.

The continent-wide STOXX 600 index gained 1.4 per cent by 0827 GMT. Technology stocks climbed 3.1 per cent after hitting seven-week lows on Monday amid a wider selloff in high-growth names.

Mining stocks added 2.6 per cent after China’s central bank cut the amount of cash banks must hold in reserve, lifting metal prices on hopes of an economic boost to the world’s top metal consumer.

Carmaker Stellantis advanced 2 per cent on plans to generate around €4 billion in additional revenue by 2026 and around €20 billion by 2030 from software offerings.

Worldline rose 2.6 per cent after Eurobank, one of Greece’s four largest lenders, agreed to sell 80 per cent of its merchant acquiring business to the French payments firm in an effort to strengthen its capital base.

Defensive sectors such as utilities, telecoms, and food and beverages were among the smallest gainers. – Reuters