European stocks kick off November with fresh highs

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 29, 2021. REUTERS/Staff

(Reuters) – European stocks hit record highs on Monday, entering November with a strong momentum on the back of upbeat earnings reports as euro zone markets outperformed in early deals.

The pan-European STOXX 600 gained 0.8% by 0829 GMT, surpassing its previous all-time high marked in mid-August. The global mood was buoyed by Japan’s post-election boost and stabilising coal prices in China. [GLOB/MKTS] [MET/L]

The German DAX and France’s CAC 40 all rose about 0.8%, while Britain’s FTSE 100 was up just 0.4%.

British bank Barclays dipped 2.0% after it said chief executive officer Jes Staley is to stand down following regulators’ investigations into his ties with convicted sex offender Jeffrey Epstein.

Pharma stocks were among the top boosts, with French drugmaker Sanofi up 2.0% after HSBC upgraded the stock to “buy”.

Volkswagen inched up 0.7% after saying its Skoda Auto would resume production on Sunday following a two-week outage caused by the chip crisis.

Pandora, the world’s largest jewellery maker, slipped 3.5% despite raising its outlook for the year.

Source: Read Full Article