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Strong German data, Adidas lift European stocks to record high

Published 05/07/2021, 03:41 PM
Updated 05/07/2021, 03:50 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
May 7 (Reuters) - European stocks hit a record high on
Friday as strong economic data from Germany and other major
economies as well as upbeat earnings added to hopes of a swift
economic recovery from the pandemic shock.
The pan-European STOXX 600 index .STOXX rose 0.3% to
442.24 points by 0723 GMT. The benchmark briefly surpassed its
April record high of 443.61 in early trading.
The German DAX .GDAXI rose 0.8%, inching closer to its
life high, while France's CAC 40 .FCHI hit its highest since
November 2000 and UK's FTSE 100 .FTSE breached the 7,100 mark.
Data showed German companies increased their exports for the
eleventh month in a row in March, with growth coming in at 1.2%,
twice the rate economists had forecast. The Dow Jones Industrial Average .DJI closed at an
all-time high on Thursday after a strong U.S. weekly jobless
claims data, while Asian stocks rose on upbeat trade report from
China. German sportswear company Adidas ADSGn.DE surged 7.1%
after it raised its 2021 sales outlook. UK's Meggitt MGGT.L jumped 13.0% to the top of STOXX 600
after a media report of takeover, while French mall owner
Klepierre LOIM.PA slipped 3.1% on trimming its 2021 cashflow
forecast.

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