European shares rise as miners lead early gains

European shares rise as miners lead early gains

European shares rose on Monday, bouncing from their worst weekly decline since October helped by a rise in shares of miners after an ongoing retail frenzy shifted its attention to silver.

The pan-European STOXX 600 index rose 0.8%, with shares of miners including Fresnillo, Polymetal International and Boliden AB leading early gains on the index.

Silver has become the latest focus of a frenzied online movement by retail traders to push up values of assets that big fund managers had bet against.

The STOXX 600 had logged declines of over 3% in the previous week, on concerns around the slow roll-out of COVID-19 vaccines and as a retail trading frenzy led to a rise in volatility.

German shares rose 1%. Data showed retail sales plunged far more than expected in December as a decision to tighten lockdown measures in the COVID-19 pandemic choked consumer spending in Europe‘s largest economy.

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