European stocks touched the highest levels in 14 months Monday despite a cautious prediction on growth from the region's executive.

The Stoxx Europe 600 Index, the broadest measure of share prices, rose 0.54% by mid-day Monday to trade at 369.36 points by 12:15 GMT, the highest level since December 2015. The benchmark has risen more than 12.2% since the Friday before the November U.S. elections, outpacing an 11.1% gain for the S&P 500.

Britain's FTSE 100 is also higher Monday, rising 0.12% to 7,266.94, but still sits about 70 points from the all-time high it reached on Jan. 13. The FTSE 250 index, however, whose constituents are more domestically-focused, hit an all-time intra-day higher early Monday of 18,776.60.

The gains have tracked broader global optimism on growth in the wake of President Trump election win and investor anticipation of tax and trade reforms that will ignite activity in the world's largest economy.

However, uncertainty surrounding the details of some of the Trump administration's broader ambitions, and political risks in the linked to France's upcoming elections, led the European Commission to trim economic forecasts for this year in a report published Monday in Brussels.

The Commission said Eurozone growth would slow to 1.6% this year, from 1.7%, but would rebound modestly to 1.8% in 2018. Britain's decision to leave the European Union would also have an impact, the report said, although the overall path in 2016 is "surrounded by higher-than-usual uncertainty."

"The particularly high uncertainty surrounding this Winter Forecast is due to the still-to-be-clarified intentions of the new administration of the United States in key policy areas , as well as the numerous elections to be held in Europe this year and the upcoming "Article 50" negotiations with the UK," the Commission said.