Stellar mining rally helps European stocks recoup losses



* Commodity shares surge; Mining index up 3%

* Rate talks lift banks

* ASOS slumps on profit warning (New throughout, updates prices, market activity and comments to close)

By Sruthi Shankar and Susan Mathew

Oct 11 (Reuters) - A strong rally in mining stocks on Monday boosted an index of European equities, which retraced all losses logged early in the session on worries about inflation and the upcoming earnings season.

Europe's mining sector .SXPP surged 3% to post its biggest daily gain in three months as iron ore and coking coal rallied on supply fears, while base metals prices jumped on concerns about rising cost of energy and raw materials.

As a global energy crunch lifted crude prices, oil stocks .SXEP rose more than 1%, as did auto shares .SXAP , offsetting losses in travel & leisure .SXTP , utility .SX6P and retail .SXRP names.

The pan-European STOXX 600 index .STOXX recouped losses of as much as 0.6% on the day, to end marginally higher. A heavy presence of commodity-related companies saw London's FTSE 100 .FTSE outperform with a 0.7% rise.

"Inflation is set to stay higher for longer than we previously envisaged due to surging energy prices and goods shortages. The boost from energy will go into reverse next year due to base effects and lower oil and gas prices," said the global economics team at Capital Economics.

"Goods shortages are worsening and will persist for some time... These pressures should start to ease next year. But there is a risk that the shortages trigger a more persistent pick-up in price pressures."

With third-quarter earnings set to kick off this week, investors worry about rising energy costs eating into company earnings. Profit growth is estimated to be up 29.6% for U.S. companies and 45.6% for European firms, according to Refinitiv IBES data.

The banking index .SX7P touched its highest since February 2020, recovering almost all pandemic-induced losses as investors jacked up interest rate expectations. Money markets are pricing in a 10 basis-point rate hike from the European Central Bank by the end of next year.

British banks HSBC HSBA.L , Lloyds Banking Group LLOY.L and Natwest Group NWG.L all rose more than 2% after hawkish comments from Bank of England officials drove more bets on a November interest rate increase.

Among stocks, British online fashion retailer ASOS ASOS.L tumbled 13.4% after it warned higher logistics costs and supply chain disruption could force 2022 profits down more than 40%, and said Chief Executive Nick Beighton will step down.

German real estate investor Adler Group ADJ.DE slipped 2.5% after it agreed to sell residential and commercial property worth 1.49 billion euros ($1.73 billion) to rival LEG Immobilien LEGn.DE .



European banks recover almost all pandemic-related losses Link



Reporting by Sruthi Shankar and Anisha Sircar in Bengaluru;
Editing by Sriraj Kalluvila and David Gregorio

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