{"id":112876,"date":"2021-02-15T10:37:28","date_gmt":"2021-02-15T10:37:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112876"},"modified":"2021-02-15T10:37:28","modified_gmt":"2021-02-15T10:37:28","slug":"mining-stocks-power-gains-in-europe-on-recovery-optimism","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/mining-stocks-power-gains-in-europe-on-recovery-optimism\/","title":{"rendered":"Mining stocks power gains in Europe on recovery optimism"},"content":{"rendered":"
(Reuters) – European shares scaled one-year highs on Monday and mining stocks tracked a jump in copper prices as bets of more U.S. stimulus fuelled optimism around a faster global economic recovery this year.<\/p> The pan-European STOXX 600 rose 0.7%, with Rio Tinto, BHP Group and Anglo American bolstering the index as copper prices leapt to their highest in more than eight years.<\/p>\n Banks and energy stocks also climbed as a so-called \u201crecovery trade\u201d sparked demand for sectors that had underperformed the broader index following the coronavirus-driven crash in early 2020.<\/p>\n Energy stocks were also boosted by a jump in oil prices to 13-month highs. [O\/R]<\/p>\n Most European bourses were higher by 0846 GMT, while Asian shares hit record highs earlier in the day. [MKTS\/GLOB]<\/p>\n U.S. President Joe Biden on Friday turned to a bipartisan group of local officials for help on his $1.9 trillion coronavirus relief plan.<\/p>\n \u201cMarkets remain target fixated on the Biden stimulus and vaccine rollouts as the magic panacea for the world\u2019s pandemic ills,\u201d said Jeffrey Halley, senior market analyst at OANDA.<\/p>\n Historic monetary and fiscal stimulus helped the benchmark STOXX 600 rebound about 55% since slumping to a more-than-seven-year low in March 2020, although it has lagged the U.S. S&P 500 due to prolonged coronavirus-induced lockdowns in Europe.<\/p>\n A recent Reuters poll found the euro zone economy was in a double-dip recession and that economists now expect GDP to contract 0.8% in the first quarter, reversing an earlier forecast for growth of 0.6%.<\/p>\n All eyes will now be on December euro zone industrial production data due at 1000 GMT, and consumer confidence and business activity readings later in the week.<\/p>\n Trading volumes are expected to remain thin on Monday with markets in China, Hong Kong and the United States shut for local holidays.<\/p>\n In company news, Vivendi surged 17.2% to the top of the STOXX 600 as it said it planned to distribute 60% of Universal Music\u2019s capital to investors and aimed to list its most-prized asset by the end of the year.<\/p>\n Shares of Groupe Bollore, which has a 27% stake in Vivendi\u2019s share capital, jumped 12.7%.<\/p>\n British pubs group Mitchells & Butlers rose 3.8% after saying it intended to raise 350 million pounds ($486 million) in equity and had reached an agreement with its bankers for a new credit facility.<\/p>\n