European Shares Hovering Near Year Highs and Mining Soar

European stocks are hovering near their highest levels in a year today, Tuesday, as investors are hopeful about a massive US stimulus package that will lead the growth of the global economy, while Glencore topped mining shares higher after a positive update.

The pan-European STOXX 600 index rose 0.2%, after jumping 1.3% in the previous session, to its highest level since February 2020. The index is 14% down from its highest level ever.

Glencore jumped 3.3% after the company resumed dividends, while BHB Group climbed 0.3% as the world’s largest listed mining company posted its best first half profit in seven years and announced a temporary record dividend.

The European mining sector index jumped 1.5%, reaching its highest level since July 2011.

Investors ’focus is shifting to an initial reading of the eurozone’s GDP estimates in the fourth quarter of last year, due for release later in the day, while economists expect the region’s economy to contract 5.1% year-on-year.