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UPDATE 2-European stocks end at record high on strong German data, earnings

Fri, 07th May 2021 09:55

* STOXX 600 reclaims April high

* Commodity stocks rally, best weekly performers

* Adidas surges on forecast lift
(Updates to market close)

By Sruthi Shankar and Ambar Warrick

May 7 (Reuters) - European stocks closed at a record high on
Friday, marking strong weekly gains as positive economic data
and upbeat earnings underpinned hopes of a swift economic
recovery from the COVID-19 pandemic.

The pan-European STOXX 600 index rose 0.9%% to a
record high of 444.93 points. It added 1.7% this week- its best
performance since mid-March.

Global stocks rallied to record highs as investors scaled
back expectations of policy tapering by the U.S. Federal
Reserve, after data showed the U.S. labour market had a long
road to recovery from the pandemic.

European technology stocks were the best performers
for the day, rising 2.2% as they recovered from a rout seen
earlier in the week. The sector ended the week largely
unchanged.

Basic resource stocks were the best weekly
performers, adding 7.2% for the week and ending at over a
decade-high as optimism over recovering global demand pushed up
base metal and iron ore prices.

The German DAX rose 1.3%, inching closer to its
lifetime high, while France's CAC 40 ended at its
highest level since November 2000 and UK's FTSE 100
breached the 7,100 mark for the first time since February 2020.

Data showed German companies increased their exports for the
eleventh month in a row in March, with growth coming in at 1.2%,
twice the rate economists had forecast.

A swathe of positive earnings and data has helped European
stocks rally to record highs this year, amid growing optimism
over COVID-19 vaccine programs spurring a return to normalcy.

"It's going to be an exceptionally strong couple of quarters
going forward, and that makes it very unlikely that the market
will suffer in a big way over the next six months," said Andrea
Cicione, head of strategy at TS Lombard.

The moment growth starts to slow down, probably at the same
time the Fed starts taking some liquidity away, markets will be
more vulnerable, Cicione said.

On the earnings front, German sportswear company Adidas
surged 8.4% after it raised its 2021 sales outlook.

Jewellery maker Pandora gained 3.0% after
reporting 214% sales growth in April.

UK's Meggitt jumped 8.3% after a media report of
takeover, while French mall owner Klepierre edged
lower on trimming its 2021 cashflow forecast.

Spanish energy and infrastructure group Acciona
rose 2.3% after it said it expects to list a stake in its energy
business in the first half of this year.
(Reporting by Sruthi Shankar in Bengaluru
Editing by Anil D'Silva and Frances Kerry)

More News
19 Oct 2021 07:17

Meggitt sees takeover completing in 2022 despite govt intervention

(Sharecast News) - UK aerospace and engineering firm Meggitt said it still expected its £6.3bn takeover by US rival Parker-Hannifin to complete next year despite a UK government intervention on national security grounds.

Read more
18 Oct 2021 20:54

TOP NEWS: UK government to probe Meggitt takeover by Parker-Hannifin

TOP NEWS: UK government to probe Meggitt takeover by Parker-Hannifin

Read more
18 Oct 2021 17:37

UPDATE 2-UK intervenes in bid by U.S. aviation firm Parker for Meggitt

(Adds business minister and Parker-Hannifin comment)LONDON, Oct 18 (Reuters) - Britain said on Monday it was intervening in a proposed 6.3 billion-pound ($8.65 billion) takeover by U.S. engineering and aerospace firm Parker-Hannifin of its British...

Read more
18 Oct 2021 17:37

UPDATE 1-UK intervenes in bid by U.S. aviation firm Parker for Meggitt

(Adds background)LONDON, Oct 18 (Reuters) - Britain said on Monday it was intervening in a proposed 6.3 billion-pound ($8.65 billion) takeover by U.S. engineering and aerospace firm Parker-Hannifin of its British rival Meggitt, citing national se...

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18 Oct 2021 17:10

UK issues intervention notice in Meggitt-Parker deal

LONDON, Oct 18 (Reuters) - Britain issued an intervention notice on a proposed deal between Meggitt and Parker-Hannifin on Monday, citing national security grounds."On 18 October 2021, acting on official advice, the Secretary of State issued a p...

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21 Sep 2021 19:42

TRADING UPDATES: Meggitt shareholders approve Parker-Hannifin takeover

TRADING UPDATES: Meggitt shareholders approve Parker-Hannifin takeover

Read more
21 Sep 2021 16:02

Meggitt shareholders approve Parker-Hannifin offer

(Sharecast News) - Meggitt shareholders agreed for the company to be taken over by Parker-Hannifin, it was confirmed on Tuesday, after a majority of shareholders voted in favour of the US defence giant's takeover offer.

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20 Sep 2021 08:53

LONDON MARKET OPEN: FTSE 100 drops to two-month low; Prudential sinks

LONDON MARKET OPEN: FTSE 100 drops to two-month low; Prudential sinks

Read more
20 Sep 2021 08:12

LONDON BRIEFING: Prudential to complete Asia pivot with share offer

LONDON BRIEFING: Prudential to complete Asia pivot with share offer

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14 Sep 2021 16:08

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

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8 Sep 2021 09:54

LONDON BROKER RATINGS: Bernstein starts Vodafone at Outperform

LONDON BROKER RATINGS: Bernstein starts Vodafone at Outperform

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7 Sep 2021 17:04

LONDON MARKET CLOSE: Stocks fall as investors eye ECB rate decision

LONDON MARKET CLOSE: Stocks fall as investors eye ECB rate decision

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7 Sep 2021 14:35

TOP NEWS: TransDigm puts brakes on Meggitt tilt, clearing Parker path

TOP NEWS: TransDigm puts brakes on Meggitt tilt, clearing Parker path

Read more
7 Sep 2021 13:27

UPDATE 3-TransDigm ends $8.7 bln bid battle with Parker for UK's Meggitt

(Adds Meggitt statement)By Yadarisa ShabongSept 7 (Reuters) - Aerospace parts maker TransDigm bowed out of an $8.7 billion takeover battle with fellow U.S. bidder Parker-Hannifin for Britain's Meggitt on Tuesday, wiping as much as 14% off British ...

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7 Sep 2021 13:27

UPDATE 2-TransDigm ends $8.7 bln bid battle with Parker for UK's Meggitt

(Updates shares, adds detail and background)By Yadarisa ShabongSept 7 (Reuters) - Aerospace parts maker TransDigm bowed out of an $8.7 billion takeover battle with fellow U.S. bidder Parker-Hannifin for Britain's Meggitt on Tuesday, wiping as much...

Read more

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