By Anisha Sircar

(Reuters] European shares reached a record-breaking peak Monday, as Royal Dutch Shell’s (LON.) announcement that it would be ending its dual-share system led to energy stocks rising. Additionally, some positive Chinese data boosted sentiment.

Although the index rose 0.1% across continents to an all time high, a 1.1% decrease in miners capped gains. Metal prices plummeted on China’s commitment to “phase out” coal during the COP26 summit. [MET/L]

The data from earlier this day revealed that retail sales and industrial production growth in Japan’s world-second largest economy surpassed expectations. This is encouraging global investor optimism. [MKTS/GLOB]

As strong corporate earnings, dovish central banks policy decisions and solid corporate earnings helped lift investor confidence this month, the STOXX 600 hit record levels. This has helped shift the attention from a COVID-19 revival in the region.

Kunal Sawhney CEO, Kalkine Group, stated that “the peaks we are seeing are driven by the anticipated spending spree prior to the Christmas festivities with continuous improvement of business operations likely to boost prospectsfor European markets.”

“Any significant obstruction to business activity due to COVID-19, repeated shut downs, store closings and difficulties with operations could potentially retrace months-long increase in indices.”

Sunday’s announcement by the Austrian Government was the first European country that reinstated a new lockdown. It placed millions of non-vaccinated citizens under tight restrictions, amid record-breaking infection rates.

France’s blue-chip soared to a new record, climbing 2.1% after an Airbus boost. Indigo Partners, a private equity firm that manages portfolio airlines, placed a multi-billion dollar order for the European planemaker. It ordered 255 A321neo single-aisle passenger jets.

Royal Dutch Shell gained 2%, after announcing that it will simplify its business operations and shift its head office from the Netherlands to Britain. It was also the most popular oil stock, rising 0.4%.

Spanish Bank BBVA was, however, the most significant drag to Spain’s blue chip IBEX. The bank offered to buy Garanti BBVA at up to 2.25 million euros ($2.6billion) and lost 3.7%.

Philips’ shares dropped 10.9% on news that the company was talking with U.S. regulators about recalling ventilators because of potentially dangerous foam parts. This announcement came after the company revealed it had been inspected at one of its plants.