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By Bloomberg

European shares extended their biggest first-quarter increase since 1998.

The Stoxx Europe 600 Index added 0.4 percent to 401.57 at 8:56 a.m. in London. The gauge has climbed 2.4 percent this month, taking its quarterly gain to 17 percent. It closed 1.4 percent away from a record reached in 2000 on Monday. Benchmark equity measures of Germany, Portugal and Italy have jumped more than 20 percent in the past three months.

European shares have rallied this year as the region’s central bank began its quantitative-easing program and economic data beat forecasts by the most in two years. Reports on the unemployment in the euro area and inflation are due on Tuesday.

“Europe has seen a huge wave of money,” said George Godber, who helps manage about $5 billion at Miton Group in London. “We had the QE announcement and if you look at some of the numbers, it’s incredible how U.S. investors have piled into Europe. Most of the improvement is in a very nascent stage. It’s benefited exporting nations like Germany.”

A U.S. exchange-traded fund tracking European equities has seen inflows for 10 straight weeks, gathering almost $1.3 billion this year, data compiled by Bloomberg show. Another ETF following the shares while hedging against currency swings has received more than $10 billion.

Greek Stocks

Among 18 western-European markets, Greece is the only one falling this quarter. The ASE Index has dropped 4.3 percent, heading for its longest stretch of quarterly declines in six years. Prime Minister Alexis Tsipras, elected in January, is seeking to secure bailout funds and needs to come up with a plan convincing European creditors that it will bolster the nation’s finances. So far, his proposals have failed to satisfy them.

Yet even with Greek shares falling, investors have put cash in an exchange-traded fund tracking the equities every week in 2015. The ASE gained 2.3 percent on Tuesday.

Among companies moving on corporate news, Kingfisher Plc climbed 4.6 percent as Europe’s largest home-improvement retailer said it will close stores, stock more products and create a new global leadership team to reignite sales growth.

Some stocks are moving on deal activity. Antofagasta Plc added 2 percent after people familiar with the matter said it has explored a merger with Teck Resources Ltd. The companies said they currently aren’t in negotiations to combine.

Yoox SpA jumped 13 percent after agreeing to buy Cie. Financiere Richemont SA’s Net-a-Porter business for stock valued at about 719 million euros ($775 million). Shares of the Swiss company slipped 0.4 percent.

Bank of Ireland Plc fell 5.6 percent as Prem Watsa’s Fairfax Financial Holdings Ltd. began selling half of its 5.8 percent stake in the lender.