European Shares Rise Led By Miners

European stocks advanced on Tuesday, as investors reacted to the latest earnings updates and awaited U.S. inflation data due this week for clues on the timing of a Federal Reserve interest-rate hike.

The dollar index traded higher, a day after Christine Lagarde, the European Central Bank president, played down the chances of a “measurable tightening” of monetary policy to fight inflation.

There is no need for big monetary policy tightening in the euro zone as inflation is set to fall back and could stabilize around 2 percent, she said.

The pan European Stoxx 600 climbed 0.8 percent to 468.85 after gaining 0.7 percent on Monday.

The German DAX gained 0.8 percent, France’s CAC 40 index jumped 1 percent and the U.K.’s FTSE 100 was up 0.6 percent.

BP rose 1.5 percent. The energy giant boosted share buybacks after delivering a big rise in fourth-quarter profit.

Higher commodity prices helped lift miners, with Anglo American, Antofagasta and Glencore rallying 3-4 percent.

Energy company SSE added 1.4 percent after raising its annual earnings outlook.

Ams OSRAM jumped 6.4 percent after delivering healthy full-year and fourth-quarter results.

Swedish media firm NENT dropped 1.2 percent despite reporting a 33 percent surge in subscribers for its streaming service Viaplay in the fourth quarter.

British retailer Ocado Group plunged 11 percent after its annual loss widened.

BNP Paribas declined 1.5 percent. The French lender reported that its fiscal 2021 net income attributable to equity holders climbed to 9.49 billion euros from last year’s 7.07 billion euros. However, Interest income declined to 29.52 billion euros from prior year’s 31.17 billion euros.

TUI AG fell 2.4 percent after the travel and tourism company posted a first quarter Group underlying EBIT loss of 273.6 million euros.

In economic releases, data showed U.K. retail sales grew at a stronger pace in January due to the easing of lockdown restrictions.

Like-for-like sales grew 8.1 percent in January from the previous year, data from the British Retail Consortium and KPMG showed. At the same time, overall sales increased 11.9 percent on a yearly basis in January.