Daimler leads European shares at new levels

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Follow-up Gulf 365 – Abu Dhabi – European stocks closed at an unprecedented high level, Friday, achieving their seventh consecutive weekly gain, as strong economic data from the United States and China stimulated optimism about a rapid global recovery, while positive business results from German Daimler supported the sector. Auto industry.
The pan-European STOXX 600 index rose 0.8 percent. The German DAX index led the rise of regional indices, advancing 1.3% to reach its highest level ever, while the British FTSE 100 index increased 0.5%, to close at its highest level in more than a year.
Global stock markets hit record highs after data showed that China’s economic recovery accelerated dramatically in the first quarter of the year and US retail sales rose at the fastest pace in ten months in March.
German car and truck maker Daimler jumped 2.7 percent, as rising car prices and strong demand in China helped it record a more than expected increase in quarterly operating profit.
The broader index of cars and their parts gained 2.1 percent, leading gains among European sectors. Data showed that there was an 87.3 percent jump in European Union new car registration activity in March.
Although the STOXX 600 recorded the longest series of weekly gains in nearly three years, with an increase of 1 percent, the moves this week came in a narrow range, as most European stock exchanges held close to pre-pandemic levels. (Reuters)





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