(Reuters) – European stocks rose on Monday as strong metal prices boosted miners and optimism surrounding the reopening after the coronavirus lockdown boosted travel stocks at the start of a busy week of corporate earnings and economic data.

The DAX chart of the German share index is shown on the Frankfurt Stock Exchange on April 26, 2021. REUTERS / Staff

The pan-European STOXX 600 index rose 0.1% after posting its first weekly loss in eight on Friday.

A 10-year high for Shanghai copper prices and a surge in other metals have boosted mining stocks. The European commodities index rose 1.3% to generate sectoral gains. [MET/L]

The airlines, including owners of British Airways, IAG, Lufthansa and easyJet, gained 4% each, while aircraft manufacturer Airbus rose 3.2% in hopes of reviving travel demand.

A senior European Union official said on Sunday that Americans vaccinated against COVID-19 should be able to travel to Europe by the summer.

“With Italy lifting many restrictions on Monday, France planning to ease measures next month, stitch rates rising and PMIs pointing to continued robust activity, we remain confident that a consumption-driven rebound will start from Q2,” so the analysts at Morgan Stanley said.

However, the Ifo Institute’s survey on Monday found that German business morale improved less than expected in April amid a third wave of COVID-19 infections.

While profits from US mega-cap tech companies like Apple could set the tone on Wall Street this week, Europe will see a flurry of earnings reports from UK banks, oil companies and healthcare companies.

Of the 15% of STOXX 600 companies reported to date, 66% outperformed earnings estimates according to Refinitiv IBES data. In a typical quarter, 51% outperformed earnings estimates.

Swedish steelmaker SSAB rose 2.9% after reporting a result well above analysts’ projections and said the market rally that began last fall strengthened in the first quarter.

Dutch health technology company Philips fell 2.6% as a provision of 250 million euros ($ 302 million) in the first quarter overshadowed a sharp jump in profits.

The Austrian sensor manufacturer AMS fell 3.5% after Credit Suisse downgraded its stock to “underperform” twice.

Volkswagen AG was down 0.7% after the Financial Times reported the company warned executives to prepare for a major production slump in the second quarter due to a global chip shortage.

Reporting by Sruthi Shankar in Bengaluru; Adaptation of Subhranshu Sahu and Shounak Dasgupta