European stocks start 2022 at record highs

Economies.com
2022-01-04 12:01PM UTC

European stocks rose on Tuesday, extending gains for the second straight day, and hit new record highs, a blazing start of the new year thanks to positive momentum in most global stock markets, led by Wall Street.

 

The Stoxx Europe 600 index rose over 0.9% as of 11:45 GMT, and hit the all-time high at 494.55 points, after closing higher by 0.4% yesterday, and posted a record high at 491.43 points.

 

The travel sector saw the largest gains in Europe today, with a rise of over 3.5%, as concerns about the Omicron variant eased.

 

Sentiment in the global markets is improved, especially after a study on cases infected with the omicron variant suggests lower risk of hospitalization and severe disease compared to the delta variant.

 

This positive momentum is thanks to upbeat outlook for major banks and companies to nail record profits during the new year, as the pace of global economic growth is expected to accelerate, led by the US economy.

 

S&P 500 futures rose 0.4% today ahead of Wall Street's opening, and hit an all-time high, after the index closed higher by 0.6% yesterday.

 

Back to Europe, the Euro Stoxx 50 index rose 1%, France's CAC 40 rose 1.4%, Germany's DAX rose 0.75%, and the UK's FTSE 100 rose 1.3%.

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