UPDATE 2-European stocks rise to near 1-year high on commodity gains
* STOXX 600 at highest since late Feb 2020
* Miners, banks, energy stocks jump
* Vivendi tops STOXX 600 on plan to distribute 60% of UMGcapital(Updates to close)
By Sagarika Jaisinghani and Ambar Warrick
Feb 15 (Reuters) - European shares ended at a near one-yearhigh on Monday as major resource stocks benefited fromexpectations of a swift economic recovery, while Vivendiled gains on its planned capital distribution fromUniversal Music.
The pan-European STOXX 600 rose 1.3% to its highestsince late February 2020, with Rio Tinto, BHP Groupand Anglo American bolstering the index ascopper prices leapt to a more than eight-year high.
Banks and energy stocks also climbed as aso-called "recovery trade" sparked demand for sectors that hadunderperformed the broader index following early 2020'scoronavirus-driven crash.
Metal and oil prices rose as investors bet on fresh U.S.stimulus and major vaccine programs spurring a resurgence incommodity demand.
Vivendi SE topped the STOXX 600 with a 19.6% jump after theFrench conglomerate said it intended to distribute 60% ofUniversal Music's capital to investors.
Shares of Groupe Bollore, which has a 27% stake inVivendi, jumped 14.6%.
Anticipation of more U.S. stimulus measures was bolsteredafter President Joe Biden on Friday turned to a bipartisan groupof local officials for help on his $1.9 trillion coronavirusrelief plan.
Historic monetary and fiscal stimulus has helped thebenchmark STOXX 600 rebound about 55% since slumping to a morethan seven-year low in March 2020, although it has lagged theU.S. S&P 500 due to prolonged lockdowns in Europe.
A recent Reuters poll found the euro zone economy was in adouble-dip recession and that economists now expect GDP tocontract 0.8% in the first quarter, reversing an earlierforecast for growth of 0.6%.
Adding to doubts over a euro zone recovery, data showedindustrial production shrank more that expected in Decemberunder the weight of falling output of capital and non-durableconsumer goods, confirming an economic contraction in the fourthquarter.
However, analysts said a global economic recovery was set tobenefit euro zone sectors that were exposed to trade.
"New orders for manufacturing continue to grow quickly andthe rest of the world continues to recover, which bodes well forthe start of 1Q in terms of exports and production," INGanalysts wrote in a note.
"This makes manufacturing the bright spot in an otherwisedownbeat short-term outlook."
Trading volumes were thin for the day, with markets inChina, Hong Kong and the United States shut for local holidays.(Reporting by Sagarika Jaisinghani in Bengaluru; Editing bySriraj Kalluvila and Jan Harvey)
