Europe: Shares at record high on auto stocks boost

[BENGALURU] European stocks inched higher on Monday, extending their record-setting rally, as optimism about a solid start to the earnings season offset a worrying resurgence in Covid-19 cases globally.

The pan-European Stoxx 600 index rose 0.1 per cent by 7.06am GMT, its fifth day of gains, while an index of euro zone shares rose 0.2 per cent to touch its highest since September 2000.

Automakers were the top gainers, up 0.7 per cent, followed by miners and travel stocks.

French car parts maker Faurecia rose 1 per cent after its first-quarter sales beat market expectations, helped by particularly strong growth in China.

Danske Bank slipped 1.7 per cent as chief executive officer Chris Vogelzang resigned after the Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro.

ABN Amro rose 3.3 per cent after it said it had reached a 480-million-euro (S$766.3 million) settlement with prosecutors over money laundering allegations.

REUTERS

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