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European stocks set for strong week, Germany's DAX hits record high

Published 01/08/2021, 04:20 PM
Updated 01/08/2021, 04:30 PM
© Reuters.
DE40
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STMPA
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IFXGn
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ASMI
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MU
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STOXX
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005930
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AMS
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SXEP
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SX7P
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SXPP
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Jan 8 (Reuters) - European stocks rose on Friday, with
Germany's DAX hitting a record high on the back of
better-than-expected economic data and encouraging earnings
updates from chipmakers.
The pan-European STOXX 600 index .STOXX rose 0.7% by 0810
GMT and was on track for a more than 3% weekly gain, with hopes
of more U.S. stimulus boosting economically sensitive sectors
such as miners .SXPP , oil & gas .SXEP and banks .SX7P .
Germany's DAX index .GDAXI jumped 0.8% after data showed
both industrial output and exports rose more than expected in
November. Meanwhile, chipmakers Infineon IFXGn.DE , AMS AMS.S and
ASM International ASMI.AS gained between 2.2% and 4.7% after
global peers Micron Technology Inc MU.O and Samsung
Electronics Co Ltd 005930.KS provided strong earnings reports.
Franco-Italian chipmaker STMicroelectronics STM.PA rose 4%
after its early revenue estimate for the fourth-quarter came in
above the previous range.

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