European shares soar as miners rally to lift silver

European shares soared on Monday trade, rebounding from its worst weekly decline since October propped by a rise in shares of miners after silver became an instant hit.

The pan-European STOXX 600 index jumped 0.8%, with shares of miners including Fresnillo, Polymetal International, and Boliden AB helming early gains on the index.

The recent frenzied online movement by retail traders saw silver gaining the spotlight in an effort to lift the values of assets that big fund managers had bet against.

In the previous week, the STOXX 600 had posted over 3% slumps on concerns around the slow coronavirus- roll-out and as a retail trading frenzy stirred higher market volatility.

German shares added 1%. According to data, retail sales fell more than expected in December 2020 as the mandate to restrict business activities to curb the spread of the coronavirus heavily impacted consumer spending in the country.