European stocks hit fresh records on upbeat global economic outlook

2021-04-08 12:17:03 GMT (Economies.com)
European stocks hit fresh records on upbeat global economic outlook

European stocks rose in early trading on Thursday, and hit new record highs, thanks to improved risk appetite following the US Treasury bonds drop, and prospects for the global economy this year to grow at the best pace since 1970s.

 

The Stoxx Europe 600 index rose 0.4% as of 11:15 GMT, and hit the highest level ever at 436.7 points, after closing lower by 0.2% yesterday on profit-taking.

 

The health care sector saw the largest gains in Europe today, with a jump of more than 1.1%, thanks to strong earnings expectations for most European drug companies.

 

 S&P 500 futures rose more than 0.2%, and hit a new record high, after the index closed higher by 0.15% yesterday after the Federal Reserve pledged to stay committed to its stimulus policies.

 

The US 10-year Treasury yield fell 1.6% today to 1.644%, near its 2-week low of 1.631% hit yesterday.

 

The Federal Reserve meeting minutes showed that the US monetary policy makers are still cautious about the risks of the pandemic, even after the US economic recovery has gained momentum thanks to massive stimulus.

 

The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6% at the best rate since the 1970s, from the previous forecast of 5.5%, thanks to the recovery from the Covid-19 pandemic.

 

Back to Europe, the Euro Stoxx 50 index rose 0.3%, France's CAC 40 rose 0.4%, and Germany's DAX index added 0.1%.

 

While the UK's FTSE 100 rose 0.5% and hit a 14-month high at 6,926.7 points, after the British pound fell, which benefits exporting companies.

 
 
 
  Symbol Last Change Chg.%
1.2059
0.0033
0.2769%
1.3877
-0.0076
0.5461%
Tadawul
10127.90
18.31
0.18%
26.093
0.301
1.167%
61.790
-1.388
2.197%
65.57
0.17
0.26%
1784.490
13.040
0.736%
 
 
US
 
Europe
 
Asia