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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Euro Stoxx 50       EU0009658145

EURO STOXX 50

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Eurostoxx 50 : European stocks hit record highs after Fed holds stance

04/08/2021 | 02:52pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks hit record highs on Thursday as optimism grew around a global stimulus-fuelled economic rebound after the U.S. Federal Reserve signalled it was in no hurry to tighten its monetary policy.

The pan-European STOXX 600 index rose 0.6%, adding to gains notched earlier this week when the index erased all of its pandemic-driven losses.

Fed officials remain wary about the ongoing risks of the coronavirus pandemic and are committed to bolstering the economy until its recovery is more secure, minutes of the central bank's latest policy meeting released on Wednesday showed.

"A dovish set of meeting minutes from the Federal Reserve has further reassured investors that Jay Powell and the gang won't be turning off the stimulus taps any time soon," Connor Campbell, an analyst at Spredex, wrote in a morning note.

European Central Bank policymakers at their meeting last month debated a smaller increase in bond purchases and agreed to front-load the buying this quarter on condition it could be cut later if conditions allow, the accounts of their meeting showed.

Data showed German industrial orders rose for the second month in a row in February, driven by strong domestic demand - a further sign that manufacturers are set to cushion a pandemic-related drop in overall output in the first quarter.

European economies are holding up well despite a third wave of the pandemic, according to Mark Haefele, chief investment officer of global wealth management at UBS.

"With more vaccines becoming available from Q2, which should allow a sustainable reopening, we continue to expect a sharp rebound in the latter half of 2021, supported by high levels of savings, pent-up demand, and accommodative monetary and fiscal policy."

Investors broadly looked past news that several European countries had announced restrictions on the use of AstraZeneca's COVID-19 vaccine in younger people, after a link was found to very rare blood clots.

The Anglo-Swedish drugmaker's shares climbed 2.0%.

Holland-based technology investor Prosus NV rose slightly after it sold 2% of China's Tencent Holdings Ltd for $14.7 billion in the world's largest-ever block trade.

Chemicals maker Johnson Matthey gained 1.5% after it forecast annual profit at the top end of market expectations and said it had started a strategic review of its health business.

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

By Shreyashi Sanyal


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO STOXX 50 0.03% 3978.84 Delayed Quote.12.00%
STOXX EUROPE 600 0.08% 437.23 Delayed Quote.9.57%
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Technical analysis trends EURO STOXX 50
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Top / Flop EURO STOXX 50
DEUTSCHE POST AG 48.05 Delayed Quote.1.88%
DEUTSCHE BÖRSE AG 147.85 Delayed Quote.1.58%
NOKIA OYJ 3.4835 Delayed Quote.1.41%
CRH PLC 40.85 Real-time Quote.1.39%
ADIDAS AG 280 Delayed Quote.1.17%
PROSUS N.V. 94.49 Real-time Quote.-1.19%
FLUTTER ENTERTAINMENT PLC 176.7 Real-time Quote.-1.20%
AHOLD DELHAIZE N.V. 23.825 Real-time Quote.-1.28%
SAFRAN 119.12 Real-time Quote.-1.33%
AMADEUS IT GROUP, S.A. 58.78 Delayed Quote.-2.81%
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