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

European stocks rose on Tuesday to their highest


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  600 index  gained 1.4% by 0827 GMT. Technology stocks .SX8P 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 STLA.MI 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 .SX3P were among the smallest gainers.

($1 = 0.8858 euros)

(Reporting by Anisha Sircar in Bengaluru; editing by Uttaresh.V)

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