Rally in mining stocks helps Europe shake off earnings gloom

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 16, 2021. REUTERS/Staff/File Photo

(Reuters) – European shares rose on Thursday as mining stocks tracked a jump in commodity prices and helped outweigh the impact from a clutch of disappointing earnings reports from companies including Airbus and Orange.

The pan-European STOXX 600 was up 0.2% by 0815 GMT, with miners jumping 2.0% as copper prices jumped on Thursday to their highest in nearly a decade.

Technology, energy and auto stocks were also among the biggest gainers in early trading, rising between 0.7% and 1.3%.

Meanwhile, planemaker Airbus fell 3.1% as it posted an annual loss and withheld a dividend due to the COVID-19 pandemic, while Orange, France’s biggest telecoms group, lost 4.3% after reporting a drop in core operating profit in the fourth quarter.

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