* Commodity-linked stocks fall
* Automakers hit highest since 2015
* German industrial orders dip in April
(Adds comments, updates prices throughout)
By Shreyashi Sanyal and Sruthi Shankar
June 7 (Reuters) - European stocks hit record highs on
Monday as another run of gains in automakers more than offset
early declines in commodity-linked shares sparked by downbeat
China export data.
The European automobiles and parts index rose 0.9%
to reach its highest since March 2015, extending a 5.3% rally
from last week.
The continent-wide STOXX 600 index added 0.2%, with
global investors now eyeing a European Central Bank meeting
later this week.
Euro zone banks were broadly higher as government
yields were steady near one-month lows ahead of the ECB meeting
on Thursday when policymakers are expected to stick to their
dovish policy stance.
"We expect the ECB to maintain its current pace of asset
purchases even as the economic restart gains traction,"
strategists at BlackRock wrote in a client note.
"We wouldn't view a decision to slow purchases as a hawkish
policy signal, as the ECB is focused on keeping financing
conditions easy. This, and a Federal Reserve that we see keeping
policy easy, provides a positive backdrop for risk assets
including European equities."
Miners fell 1.6% as copper prices dipped after a
slower-than-forecast growth in Chinese exports sparked concerns
about weakening demand for the red metal.
Oil and gas stocks declined 0.3% as crude prices
pulled back ahead of talks this week between Iran and world
powers over a nuclear deal that, if clinched, is expected to
boost crude supplies.
Global stocks have been pinned near life highs as major
economies reopen from coronavirus lockdowns, but concerns that
the economic recovery may not be as fast as thought, and signs
of quickening inflation, have slowed the pace of gains.
Data showed German industrial orders dropped unexpectedly in
April on falling domestic demand as supply chain disruptions
held back manufacturers.
"What is important is the fact that they are all temporary
and that the rebound in German industry is set to continue, only
not necessarily following a straight line," Carsten Brzeski,
global head of macro at Dutch bank ING, wrote in a note.
Italian lender Unicredit jumped 3.5% after
Jefferies upgraded the stock to "buy" from "hold".
French vouchers and cards provider Edenred rose
3.6% after Deutsche Bank upgraded the stock to "buy".
British-listed miner Anglo American fell 2.7% after
it completed the spin-off of its Thungela thermal coal business.
(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru;
Editing by Sriraj Kalluvila, Subhranshu Sahu and Mark Heinrich)
Anglo American (AAL)
