The STOXX 600 index is less than 2% away from its all-time high, but trading has been volatile on worries that a rise in inflation could pressure central banks to put a lid on easy money, which is vital for economic recovery. Rising bond yields have weighed on highly valued growth sectors such as technology, while driving gains in economically sensitive pockets in the market, like banks, energy and automakers. H&M rose 1.6% after the Swedish fashion group reported a recovery in March sales as pandemic curbs eased in some markets, allowing hundreds of stores to reopen.