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* UK to announce lockdown easing
* Miners jump to 10-year high
* UK airlines dip on limited easing of restrictions
(Adds comments, updates prices throughout)
By Sruthi Shankar and Shreyashi Sanyal
May 10 (Reuters) - European stocks reached record highs on
Monday as miners led gains after commodity prices surged and
optimism about the reopening of economies and easy monetary
policy lifted sectors that typically benefit from a recovery.
The pan-European STOXX 600 index rose 0.1%, ending
at an all-time high, with miners rallying 2.3% to a
10-year-high.
London-listed miners, such as Rio Tinto, BHP Group
and Glencore rose between 1.7% and 2.6%.
China's benchmark iron ore futures and steel futures hit
all-time highs, and copper prices touched record highs on
expectations of improved demand amid tightening supply.
"The boom in commodity prices is good news for the materials
or the cyclical sectors," Rupert Thompson, chief investment
officer at Kingswood Group in London, said.
"It cements the idea that you've got further rotation
towards value and commodity sectors. But on the other hand,
you've got the clear risk that it does exacerbate worries about
inflation."
Investors will monitor U.S. inflation data later this week
to gauge if a strong rise in prices will drive the Federal
Reserve to change its policy stance. Weaker-than-expected U.S.
jobs data on Friday boosted expectations interest rates will
remain lower for longer.
London's FTSE 100 fell 0.1% hurt by a surge in the
pound as British Prime Minister Boris Johnson is set to announce
the next phase of reopening from the COVID-19 lockdown.
The European travel and leisure sector declined
1.4%, with highly valued technology stocks dropping
2.4%.
The earnings season entered the home stretch, with about
two-thirds of STOXX 600 companies having reported their
first-quarter results. About three-quarters of those companies
have topped profit estimates, Refinitiv IBES data shows.
"With earnings season winding down and strong seasonality
now behind us for the time being it looks like indices will
continue to struggle," said Chris Beauchamp, chief market
analyst at IG.
"Historically May is a month of digestion for indices,
representing a slowdown in forward momentum from the opening
months of the year."
German biotech company BioNTech jumped 8.8% after
revealing plans to build a manufacturing site for its vaccines
based on messenger RNA technology (mRNA) in Singapore.
French lender Societe Generale rose 2.9% on plans
to pare back risk exposure in its global markets business and
focus more on financing and advising on deals.
British bakery and fast-food chain Greggs jumped
10.5% after it raised its profit outlook.
(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru;
Editing by Anil D'Silva, Saumyadeb Chakrabarty and Barbara
Lewis)
