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European shares rise as miners lead early gains

Published 01/02/2021, 09:23
Updated 01/02/2021, 09:24
© Reuters.

© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Feb 1 (Reuters) - European shares rose on Monday, bouncing
from their worst weekly decline since October helped by a rise
in shares of miners after an ongoing retail frenzy shifted its
attention to silver.
The pan-European STOXX 600 index .STOXX rose 0.8%, with
shares of miners including Fresnillo FRES.L , Polymetal
International POLYP.L and Boliden AB BOL.ST leading early
gains on the index.
Silver has become the latest focus of a frenzied online
movement by retail traders to push up values of assets that big
fund managers had bet against.
The STOXX 600 had logged declines of over 3% in the previous
week, on concerns around the slow roll-out of COVID-19 vaccines
and as a retail trading frenzy led to a rise in volatility.
German shares .GDAXI rose 1%. Data showed retail sales
plunged far more than expected in December as a decision to
tighten lockdown measures in the COVID-19 pandemic choked
consumer spending in Europe's largest economy.

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