Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Indexes
  3. Switzerland
  4. Switzerland
  5. Euro Stoxx 50
  6. News
  7. Summary


SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks hit record as miners boost, log best week since early May

06/11/2021 | 12:04pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks scaled a record high on Friday, buoyed by hopes that major central banks will remain accommodative despite signs of rising inflation, while a rally in miners boosted UK shares.

The pan-European STOXX 600 index rose 0.7% in its sixth straight session of gains and ended the week 1.1% higher, its best weekly performance since early May.

Miners jumped 1.9%, lifting UK's commodity-heavy FTSE 100 by 0.7% after data showed Britain's economic output in April was a record 27.6% larger than a year before.

Travel and leisure stocks bounced from the previous session's drop. Spanish hotel chain Melia rose 2.0% after its chief executive forecast a return to profitability in June after 15 months in the red.

Reopening optimism has pushed Europe's stock markets to record highs, with investors rotating into cyclical sectors such as commodities, industrials and banks that tend to benefit from an economic recovery.

The European Central Bank raised its growth and inflation projections for the euro zone on Thursday but pledged a steady flow of stimulus over the summer, easing investor concerns about an early dialling back of the bank's support.

"Price pressures remain subdued in Europe. Even after its upwards revisions to the inflation forecasts, the ECB does not expect inflation to reach 2% within its projection horizon," analysts at BCA Research wrote in a note.

"While the central bank will want to prepare the market for tapering by the December meeting, it will delay a decision to reduce asset purchases as much as possible."

Euro zone government bond yields fell after the decision, weighing on banking stocks. An index of the bloc's lenders dropped 0.2%. [GVD/EUR]

"Some sectors have lagged, notably financials which are seeing a little bit of underperformance on the back of softer bond yields... Other underperformers have been in the travel and leisure sector, as delays to reopening prompted British Airways to put some of their staff back on furlough," said Michael Hewson, chief market analyst at CMC Markets in London.

Bank of America's data showed equity funds saw tiny inflows in the week to Wednesday as investors cut positions in high-growth U.S. stocks while adding some in Europe.

French reinsurer Scor jumped 8.4% after top shareholder Covea agreed to an orderly exit from the company following a settlement over a frustrated takeover attempt and ensuing legal disputes.

(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu)

By Sruthi Shankar and Shreyashi Sanyal

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CMC MARKETS PLC 1.34% 454 Delayed Quote.14.58%
EURO STOXX 50 -0.38% 4139.9 Delayed Quote.17.04%
SCOR SE -2.41% 26.69 Real-time Quote.3.52%
All news about EURO STOXX 50
06/17EURO STOXX 50 Index Ends 0.15% Higher at 4158.14 -- Data Talk
06/17Eurostoxx 50 : European shares snap 9-day winning streak on Fed jitters
06/17STOXX EUROPE 600  : European Bourses Slip Midday from Record Highs On Federal Re..
06/16EURO STOXX 50 Index Ends 0.20% Higher at 4151.76 -- Data Talk
06/16Europeans Bourses Tracking Higher Midday Ahead of US Federal Reserve Policy S..
06/15EURO STOXX 50 Index Ends 0.26% Higher at 4143.52 -- Data Talk
06/15European Bourses Again Eye Fresh Records, Trending Higher Midday
06/14EURO STOXX 50 Index Ends 0.14% Higher at 4132.67 -- Data Talk
06/14EUROPE : Oil stocks power European shares to record-high finish
06/14European Bourses Trending Higher Midday, Pulled by Oils and Tech
More news
News of the index components EURO STOXX 50
06:43aLVMH MOËT HENNESSY LOUIS VUITTON  : · June 18, 2021 announces 2021 Innovation Aw..
05:45aENEL  : UBS gives a Buy rating
05:41a‘EAU ROUGE' PREMIERE : the BMW M4 GT3 attends the ‘Official Test Day..
05:09aTHE CAR RADIO : Mercedes-Benz Museum Inside No. 32/2021
04:54aAB INBEV  : Kepler Cheuvreux reiterates its Buy rating
04:09aVOLKSWAGEN  : plans to use new 3D printing process in vehicle production in the ..
04:07aDAIMLER  : Van Life, Surf Vibes & the Mercedes Star
More news
Duration : Period :
Euro Stoxx 50 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
KONE OYJ 69.75 Real-time Estimate Quote.2.42%
ADYEN N.V. 1946.8 Real-time Quote.2.32%
SCHNEIDER ELECTRIC SE 134.6 Real-time Quote.1.45%
VONOVIA SE 54.21 Real-time Estimate Quote.1.40%
ESSILORLUXOTTICA 150.94 Real-time Quote.1.13%
ENI S.P.A. 10.414 Real-time Estimate Quote.-2.03%
TOTALENERGIES SE 39.82 Real-time Quote.-2.21%
BANCO SANTANDER, S.A. 3.271 Real-time Estimate Quote.-2.71%
BNP PARIBAS 54.66 Real-time Quote.-2.93%
AXA 22.07 Real-time Quote.-3.56%
Heatmap :