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

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 STOXX 600 index gained 1.4% by 0827 GMT.

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 STOXX 600 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.

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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