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European stocks rise, shares of mining firms climb to 10-year highs

Por Sruthi Shankar y Ambar Warrick

Apr 26 (Reuters) – European stocks rose on Monday as strong metal prices boosted miners, while a surge in bond yields supported stocks in major banks amid optimism that The worst of the COVID-19 pandemic would have already passed.

* The pan-European STOXX 600 Index closed 0.3% higher after its first weekly loss in eight last week. Core resource stocks were among the best performers of the day, climbing 1.9% to a 10-year close.

* The sector was supported by Shanghai copper prices hitting 10-year highs. Prices of other metals also advanced as vaccination programs in major industrial centers pointed to a recovery in demand.

* Bank stocks rose 2% as major lenders were supported by rising euro zone bond yields.

* Meanwhile, travel and leisure papers rose 1.8% to a closing record, after a senior European Union official said Americans vaccinated against COVID-19 should be able to travel to Europe in the boreal summer.

* However, German stocks lagged behind their peers, gaining just 0.1%, after the Ifo Institute survey showed business confidence in the country improved less than expected in April amid a third wave of COVID-19 infections.

* While earnings from large-cap US tech firms such as Apple could set the tone on Wall Street this week, Europe will see a flood of earnings reports from UK banks, oil majors and US companies. Health.

* British engineering firm IMI Plc topped the STOXX 600, jumping more than 11% after it increased its earnings guidance for 2021.

(Report by Sruthi Shankar in Bengaluru, Edited in Spanish by Manuel Farías)

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