Commodity Gains Push European Shares to a One-Week High

European stocks rose today, supported by gains made by commodity-related companies as investors balance concerns about rising coronavirus infections with the prospects for a stronger economic recovery in the United States.

The pan-European STOXX 600 index rose 0.8%, reaching its highest level in a week. The benchmark index is on the fourth straight week of its upward trend.

Mining, oil and gas stocks were the biggest gainers in Europe, rising 2.1% and 1.8%, supported by higher commodity prices.

British copper miner Kaz Minerals PLC rose 2.9% after it received a final offer of 4.02 billion pounds ($5.53 billion) from Nova Resources, which is led by Kaz’s chairman.

Britain’s Aviva rose 2.1% after it sold its Poland operations to Germany’s Allianz for 2.5 billion euros ($2.94 billion) in cash. Allianz rose 1.3%.