Europe Stocks Extend Record as Draghi Says QE Will Stay Course

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European stocks rose with commodity shares after Mario Draghi said quantitative easing will continue until there’s sustained improvement in inflation.

The Stoxx Europe 600 Index added 0.6 percent to 414.06 at the close of trading, with gauges of miners and energy shares posting the biggest gains. The Stoxx 600 has surged 21 percent this year, with a weaker euro helping exporters, as the ECB began quantitative easing.

ECB President Draghi said the central bank’s monetary policy is helping the region’s economic recovery. While inflation may be very low or negative in the following months, it will pick up later this year, he said. The central bank earlier held key interest rates at record lows, matching economists’ forecasts.

ArcelorMittal and Glencore Plc added more than 1.8 percent, pushing miners up for a second day. Royal Dutch Shell Plc and Total SA rose at least 1.8 percent as oil climbed for a fifth day. Tullow Oil Plc jumped 8.7 percent after Goldman Sachs Group Inc. upgraded the shares and said mergers and acquisitions will drive the energy industry.

Source: Bloomberg