LONDON (Reuters) – European stock markets rose on Monday after five straight weeks of declines, as gains in mining stocks and positive corporate earnings overshadowed an expected tightening of monetary policy and escalating geopolitical tension over Ukraine.
The pan-European Stoxx 600 index ended the trading session 0.7 percent higher, having fallen more than five percent since the start of the year, following declines in technology shares and comments pointing to monetary tightening from major central banks amid growing inflation pressures.
The shares of European mining companies were among the top gainers in today’s session, with its index rising 1.7 percent after positive comments from China, the main importer of primary commodities, which raised metal prices.
European Central Bank President Christine Lagarde said today that inflation pressures may abate before they become entrenched in expectations, which would eliminate the need for a radical change in monetary policy.
Her comments contradicted her position last week, when she opened the door to possible interest rate hikes this year.
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