European shares scale new record highs on upbeat earnings
EUROPEAN shares opened higher to hit another record high on Wednesday (Mar 13), as upbeat corporate updates encouraged market sentiment, while investors awaited industrial production data from the region.
The pan-European STOXX 600 was up 0.1 per cent, by 8:21 GMT, following the benchmark’s all-time closing high on Tuesday.
The retail index gained 3.0 per cent and led sectoral gains, helped by a 16.9 per cent surge in Zalando, after the online fashion retailer reported a fourth quarter profit beat and announced a share buy-back programme.
German stocks soared past 18,000 points, hitting a new record high, on growing expectations that central banks will begin cutting interest rates this year.
Shortly after markets opened, the DAX index hit 18,001.42 points, up by 0.15 per cent, as hopes mount the European Central Bank as well as the US Federal Reserve will lower borrowing costs in the coming months.
The UK’s blue-chip index held near recent highs on Wednesday after data showed Britain’s economy returned to growth at the start of 2024, while corporate earnings further added to the positive mood.
The exporter-heavy FTSE 100 inched up 0.1 per cent after its strongest close in more than nine months on Tuesday.
The mid-cap FTSE 250 index rose nearly 0.2 per cent. REUTERS, AFP
Share with us your feedback on BT's products and services
