European Shares Hit New Highs Thanks to Mining Gains

European stocks continued to rise to unprecedented levels today, Monday, thanks to optimism about the resumption of economic activities, while the policy of monetary easing contributed to the rise of sectors linked to the economic cycle, including the shares of mining companies and the financial sector.
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The pan-European STOXX 600 index rose 0.1%, climbing to a new record in early trade, as mining companies increased 2.2% thanks to the rise in mineral prices.

The British FTSE 100 Index, in which commodity stocks constitute a weight of 0.2%, rose despite the rise of the pound sterling, and British Prime Minister Boris Johnson is scheduled to announce the new phase of exit measures from isolation linked to Covid-19.

Shares in IAG, which owns British Airways, EasyJet and Wizz Air fell between 1.5 and 3.4% after Britain allowed the resumption of international flights from May 17, but the so-called “green list” included only 12 countries.

German biotechnology company Biontech jumped 10.8%, after it revealed plans to build a new manufacturing site for its vaccines in Singapore.