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Delayed Quote. Delayed Switzerland - 06/22 11:50:00 am
4123.13 PTS   +0.26%
After hours
4119.49 PTS
12:11pEUROPE : European shares propped up by commodities, Powell speech in focus
07:44aSTOXX EUROPE 600  : European Bourses Mixed Midday as Oil and Property Issues Strong
02:06aStocks recover from 4-week lows as focus switches back to post-pandemic growth
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

Eurostoxx 50 : European stocks eke out fresh record as ECB raises recovery outlook

06/10/2021 | 12:18pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks inched to fresh peaks on Thursday as the European Central Bank raised its recovery outlook and promised to keep ample stimulus flowing, while travel stocks fell after a recent run of gains.

The pan-European STOXX 600 index was up just 0.1%, but at a fresh record high of 455.76 points, while the narrower index of euro zone stocks fell 0.1%.

ECB President Christine Lagarde said policymakers agreed to make further emergency purchases over the next quarter "at a significantly higher pace" than during the first months of the year" but gave no further detail about the expected levels.

The central bank now sees 2021 euro zone economic growth at 4.6%, above the 4% projected in March. Inflation projections were also raised, with the ECB expecting price growth at 1.9% this year, in line with its target and above its last projection for 1.2%.

"The ECB's main mission today was to avoid any taper talk and not harm the still tentative economic recovery or allow bond yields to surge prematurely," said Carsten Brzeski, global head of macro at ING.

"It accomplished its mission: the ECB seems to have bought some time without starting the taper talk."

Interest rate-sensitive banking stocks rose 0.4%, while tech stocks rose 0.9%.

The meeting came as data from across the globe point to building inflationary pressures, particularly in commodities, as economies recover from long COVID-19 lockdowns.

That has raised fears that major central banks will start to pare back their massive stimulus programmes sooner than expected, even though policymakers have reaffirmed support until signs of a strong labour market recovery emerge.

Euro zone inflation last month exceeded the central bank's target of just under 2%, a mark it has undershot for most of the last decade.

Across the Atlantic, the S&P 500 also hit a record high as investors doubted whether a spike in May consumer prices would spur early policy tightening by the Federal Reserve. [.N]

European travel and leisure stocks dropped 1.2% following recent gains for the sector on optimism about economic re-openings.

Automakers fell for the third straight day, with German carmaker Volkswagen down 0.4% after a report said it expects a shortage in semiconductor supply to ease in the third quarter but sees the bottlenecks continuing in the long-term.

UK's FTSE 100 was boosted by a 6.6% jump in BT Group after Altice Group said it had taken a 12.1% stake in Britain's biggest broadband and mobile operator. [.L]

French digital music company Believe, which helps distribute music via deals with platforms such as Spotify and Apple Music, tumbled 17.8% in its stock market debut.

(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila, Kirsten Donovan)

By Shreyashi Sanyal and Sruthi Shankar

© Reuters 2021
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
FLUTTER ENTERTAINMENT PLC 162.9 Real-time Quote.2.32%
AIR LIQUIDE 150.96 Real-time Quote.1.86%
ADYEN N.V. 1947.4 Real-time Quote.1.70%
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INTESA SANPAOLO S.P.A. 2.341 Real-time Estimate Quote.-1.08%
VOLKSWAGEN AG 223.4 Real-time Estimate Quote.-1.43%
BAYER AG 51.335 Real-time Estimate Quote.-1.64%
PROSUS N.V. 81.9 Real-time Quote.-3.18%
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