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By Bloomberg

Commodity producers led European stocks higher before Mario Draghi discusses monetary policy.

The Stoxx Europe 600 Index added 0.7 percent to 414.5 at 12:48 p.m. in London, extending an all-time high. Energy shares rallied 1.7 percent after oil climbed, while miners advanced 2.1 percent for a second day of gains. The Stoxx 600 has surged 21 percent this year, with a weaker euro helping exporters, as the European Central Bank began quantitative easing.

The ECB maintained key interest rates at record lows, matching economists’ forecasts. President Draghi holds a press conference at 2:30 p.m. in Frankfurt. He may face questions on the path of the 1.1 trillion euro ($1.2 trillion) asset-purchase plan if he succeeds in lifting inflation before the provisional end-date of September 2016.

“Stocks that benefit from a weaker euro have moved the furthest,” said James Buckley, who helps oversee about $48 billion at Baring Asset Management Ltd. in London. “There’s potentially a catch-up trade by more domestically-oriented companies, particularly since there are signs the European economy is benefiting from the weaker euro.”

Economic reports in the euro area are beating estimates by the most in two years, according to Citigroup Inc.

Anglo American Plc and Glencore Plc added more than 1.6 percent, pushing miners to the best performance among 19 industry groups. Royal Dutch Shell Plc and Total SA rose at least 1.2 percent, with oil climbing for a fifth day as Iran joined Libya in calling for the Organization of Petroleum Exporting Countries to reduce production.

Tullow Oil Plc jumped 6.1 percent after Goldman Sachs Group Inc. upgraded the shares and said mergers and acquisitions will drive the oil industry.

Nokia, Alcatel

Some stocks were active on corporate news. Nokia Oyj climbed 1.8 percent after agreeing to buy Alcatel-Lucent SA, while the French company tumbled 11 percent as the deal values it at less than its last closing price. AstraZeneca Plc rose 1.1 percent after saying U.S. regulators granted orphan drug status for its immune therapy tremelimumab.

Remy Cointreau SA added 1 percent after posting better- than-estimated annual sales. Hennes & Mauritz AB advanced 1.4 percent after the clothing retailer reported March sales that beat analyst projections in SME Direkt survey.

Sika AG slid 3.2 percent after a shareholder debate over the founding family’s plans to sell it to Cie. de Saint-Gobain SA against the wishes of the management and some other investors.

The Greek ASE Index slid 3.1 percent for the worst performance among western-European markets, with National Bank of Greece SA and Alpha Bank AE falling more than 5.8 percent. A report showed Greece fell short of its budget targets last year, fueling concern about the country’s ability to pay bills.