Economic recovery hopes lift European shares to new peak By Reuters

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© Reuters. Traders work at the Frankfurt Stock Exchange, Germany, on June 11, 2021. Photo: Reuters.

(Reuters) – European shares hit an all-time high on Monday, as investors bet that global central banks will stick to their flexible monetary policy stance, even as the pandemic-hit economic recovery gained momentum.

The pan-European Stoxx 600 index rose 0.5% by 0704 GMT, after ending Friday’s session with its fourth consecutive weekly gain. The German indices and the British FTSE 100 led the gains of the regional indices.

After the European Central Bank paused last week on monetary policy, this week all eyes will be on the US Federal Reserve’s two-day monetary policy meeting for indications that it may start tapering its massive stimulus program sooner than expected.

On the corporate front, Dutch medical equipment company Philips (AS:) fell 3.4 percent to bottom in the Stoxx 600 after it said it would recall some ventilators globally due to a foamy part that could degrade and become toxic.

(Prepared by Mahmoud Salama for the Arab Newsletter)

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