European Stocks Gain $1.2 Trillion as Mining Shares Surge

According to Yahoo News, European stocks began December with an increase, continuing a rally that added $1.2 trillion to the Stoxx 600's market value last month, driven by mining shares. Investors are waiting to see if Federal Reserve Chair Jerome Powell provides any hints on the timing of interest rate cuts. The benchmark index climbed 0.8% by 3:43 p.m. in London to its highest level since August, with miners leading the gains following an unexpected rise in China's Caixin manufacturing activity gauge. The sector also benefited from Anglo American PLC and Antofagasta PLC, both of which advanced after receiving upgrades from UBS. Cosmetics companies L'Oreal SA and Beiersdorf AG saw an increase after strong earnings from US peer Ulta Beauty. However, LVMH experienced a decline after Morgan Stanley downgraded its rating on the luxury goods maker, citing risks from deteriorating demand. Swiss Re AG also dropped the most since April as the reinsurance firm's new reserving allowance is expected to negatively impact profit. European stocks had their most significant advance since January last month, fueled by optimism around easing inflation and a peak in interest rates. A broad rally on Wall Street also led the S&P 500 to one of its best November gains in a century.