European shares hover near one-year highs; miners jump By Reuters

February 16, 2021 0 By boss

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© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) – European shares hovered near one-year highs on Tuesday as investors held out for a bumper U.S. stimulus package to drive global economic growth, while Glencore (OTC:) led a rally among mining stocks following an upbeat trading update.

The pan-European was up 0.2% by 0802 GMT, after jumping 1.3% in the previous session to its highest level since February 2020. The index is about 14% below its all-time high.

Glencore jumped 3.3% after reinstating its dividend, while BHP Group (NYSE:) rose 0.3% as the world’s largest listed miner posted its best first-half profit in seven years and declared a record interim dividend.

The European mining index jumped 1.5% to its highest level since July 2011.

Investor focus will shift to a flash reading of the euro zone’s fourth-quarter GDP estimate later in the day, with Reuters economists expecting the economy to have contracted 5.1% year-on-year.

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