Mining stocks power gains in Europe on recovery optimism

European shares scaled one-year highs on Monday and mining stocks tracked a jump in copper prices as bets of more U.S. stimulus fuelled optimism around a faster global economic recovery this year. The pan-European STOXX 600 rose 0.6%, with Rio Tinto, BHP Group and Anglo American bolstering the index.

European shares scaled one-year highs on Monday and mining stocks tracked a jump in copper prices as bets of more U.S. stimulus fuelled optimism around a faster global economic recovery this year.

The pan-European STOXX 600 rose 0.6%, with Rio Tinto, BHP Group and Anglo American bolstering the index. Banks and energy stocks were also among the biggest gainers. Most European bourses were higher by 0813 GMT, while Asian shares hit record highs earlier in the day.

Trading volumes are expected to remain thin on Monday with markets in China, Hong Kong and the United States shut for local holidays. In company news, Bollore SA surged 14.1% to the top of the STOXX 600 as Vivendi said it planned to distribute 60% of Universal Music's capital to investors and aimed to list its most-prized asset by the end of the year.

The plan represents part of a process launched by Vivendi's top shareholder, French billionaire Vincent Bollore, to cash in on the music industry's revival.

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