ancient8crypto| European stocks record best weekly performance in months, corporate earnings are stronger than expected
European stocks posted their biggest weekly gain since JanuaryAncient8cryptoThere has been a series of better-than-expected corporate earnings, and investors are more confident that interest rate cuts are still possible this year.
By the close of trading in London, the European Stoxx 600 index was up 0.Ancient8crypto.8%, a new high, with an increase of 3% this week. Most sectors rose, led by retail, construction and utilities. The chemical, real estate and automotive sectors lagged behind.
The eurozone benchmark index continues to hit record highs amid an unexpectedly strong corporate earnings season, with nearly half of the companies that have reported results so far beating expectations. At the same time, signs of a cooling US labour market have fuelled optimism that the Fed is likely to ease policy this year.
The UK's FTSE 100th index, France's CAC 40 index and Germany's DAX index also hit record highs.
"fundamentally, the environment is good for venture capital, equities, corporate bonds and commodities," said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. "however, the stock market has digested a lot of optimism."
Urbahn representsAncient8cryptoHe sees opportunities "beneath the surface", including strategies that prefer to invest in Europe rather than the US.
Meanwhile, the blue-chip European Stoxx 50 index hit its highest level since November 2000. The benchmark index is up 12% so far this yearAncient8crypto.4%, outperforming many similar stock indexes around the world.
2024-05-11 04:20:41
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