Home Business News European shares inched to record highs in earnings, optimism rebounded

European shares inched to record highs in earnings, optimism rebounded


© Reuters. The DAX chart of German stock price indexes is illustrated at the stock exchange in Frankfurt

By Sruthi Shankar

(Reuters) – European stocks inched higher on Monday, extending their record rally, as optimism about a solid start to earnings season compensates for a worrying resurgence in schools global COVID-19.

The Euro-wide index rose 0.1% after marking the seventh consecutive week of gains on Friday, while the euro-zone stock index rose 0.1%, hitting its highest level since September 2000. .

Travel & entertainment stocks rose 1.1% to an all-time high on optimism that strengthening the COVID-19 vaccination program would spur a faster reopening of economies. Europe.

Automakers fell 0.6% after rising early as French car parts maker Faurecia reported first-quarter sales above market expectations, thanks to exceptionally strong growth. strong in China.

“Europe is really benefiting from strong global demand,” said Frédérique Carrier, head of investment strategy at RBC Wealth Management. “We’ve seen that in some of the consumer luxury and discretionary products. That will continue in the second quarter and help with things in the future.”

According to Refinitiv IBES data, first-quarter earnings for companies listed on STOXX 600 are expected to grow by more than 55% after falling nearly 40% in the first quarter of the year, according to Refinitiv IBES data.

While only 2% of these companies have reported so far, 80% has surpassed profit expectations.

Italy’s Juventus rose 6.6% after Europe’s top football clubs including Juventus FC and Manchester United announced the secession of their UEFA Champions League rivals.

Danske Bank slipped 1% when Chief Executive Chris Vogelzang resigned after Dutch authorities named him a suspect in an investigation of money laundering violations at lending company ABN Amro.

ABN Amro rose 1.7 percent after saying it had reached a 480 million euros ($ 574 million) deal with prosecutors on money laundering allegations.

Falling oil and gas inventories due to rising rates of infection, especially in developing countries such as India and Brazil, hurt oil prices on concerns about a slower global recovery.

Italian vehicle and equipment maker CNH Industrial (NYSE 🙂 fell 3.7% after negotiations concluded the sale of truck maker Iveco to Chinese company FAW.

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