European shares close at record highs before the Federal Reserve meeting


European shares closed at an unprecedented high on Wednesday, despite a cautious atmosphere ahead of the US Federal Reserve’s meeting, which may determine plans to start tapering stimulus.
The pan-European Stoxx 600 index rose 0.2 percent and reached a record level of 459.86 oils, which constitutes the longest streak of consecutive gains in three and a half years, recording the ninth consecutive session of gains.
Travel, leisure, utilities and chemical stocks were among the top performers as investors bet on a jump in consumer demand for industrial production.
But the banking sector fell 0.9%, following losses incurred by the shares of Sabadell, Santander and Caixa, after the Spanish antitrust and competition protection regulator said it had opened an investigation into possible monopolistic practices in the marketing of state-backed loans linked to the Corona virus pandemic.
The Spanish stock market defied its peers and closed down 0.3 percent today, according to “Reuters”.
Travel and leisure stocks rose 1.3 percent after sharp falls on Tuesday, while the utilities sector rose 1 percent.
Britain’s FTSE 100 index rose 0.2 percent even though data showed that inflation in Britain unexpectedly jumped, exceeding the Bank of England’s 2 percent target in May, and it appeared that inflation would rise further with the return of all economic activity to work after the general isolation.
Shares of German software giant SAP fell 1.2 percent, weighing on the German DAX after disappointing earnings forecasts from US rival Oracle.


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