US economy

European shares hit over 1-week highs as Omicron worries fade

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 6, 2021. REUTERS/Staff

(Reuters) – European stocks rose on Tuesday to their highest in more than a week, with technology shares witnessing a rebound, as worries about the Omicron coronavirus variant ebbed, while miners jumped after China eased its monetary policy.

The continent-wide index gained 1.4% by 0827 GMT. Technology stocks climbed 3.1% after hitting seven-week lows on Monday amid a wider selloff in high-growth names.

Mining stocks added 2.6% after China’s central bank cut the amount of cash banks must hold in reserve, lifting metal prices on hopes of an economic boost to the world’s top metal consumer. [MET/L]

Carmaker Stellantis advanced 2% on plans to generate around 4 billion euros ($4.52 billion) in additional revenue by 2026 and around 20 billion euros by 2030 from software offerings.

Worldline rose 2.6% after Eurobank, one of Greece’s four largest lenders, agreed to sell 80% of its merchant acquiring business to the French payments firm in an effort to strengthen its capital base.

Defensive sectors such as utilities, telecoms and food & beverages were among the smallest gainers.

($1 = 0.8858 euros)

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