EU STOCKS rebound ahead of Alcoa earnings

European stock markets rallied on Monday, rebounding after a selloff at the end of last week when better-than-expected U.S. jobs data stoked fears the Federal Reserve will soon scale back stimulus.

The International Monetary Fund’s managing director, Christine Lagarde, warned on Sunday that central banks must be careful when they exit expansive monetary policy.

Investors further awaited U.S. bellwether Alcoa Inc. to kick off the earnings season later in the day.

The Stoxx Europe 600 index rose 1.2% to 291.65.

Shares of Hikma Pharmaceuticals PLC  jumped 7.8% in London after the drug maker said it now expects revenue growth around 17% in 2013, up from the 13% previously expected.

Banks were also among major advancers, with shares of Banco Comercial Português SA  rising 4.6%, Jyske Bank AS 3.2% higher and Royal Bank of Scotland Group PLC up 2.7%.

Among country-specific indexes in Europe, Germany’s DAX 30 index gained 1.5% to 7,923.22, even as data showed exports slumped in May.

France’s CAC 40 index added 1.3% to 3,803.13 and the U.K.’s FTSE 100 index  picked up 1.2% to 6,450.82.

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