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VA VA VOOM: CAC40 TO TEST RECORD HIGH (0732 GMT)
European stocks are set to start the day in the green, with France's CAC 40 on the cusp of a record high, as equity markets decided that strong retail sales data in the United States was good news for companies, rather than worry about it being likely to support interest rate rises.
The French blue chip index closed on Wednesday at 7,300.8 points, a step away from its all-time high of 7,384.86 hit in Jan 2022. With CAC40 futures up 0.62% a record-setting Thursday seems very plausible.
Britain's FTSE index is also trading at record highs.
The mood is positive across the region, with Eurostoxx 50 March futures up 0.54%; DAX futures 0.43% higher; and FTSE futures gaining 0.43%
The positive mood came from data the day before on U.S. retail sales, which increased by the most in nearly two years in January - up 3%, against expectations for a 1.8% rise - as Americans spent freely despite higher borrowing costs, helping the Nasdaq and S&P 500
MSCI's broadest index of Asia-Pacific shares outside Japan is currently up 0.7% and set for its best day in two weeks, despite paring gains on the back of an afternoon tumble in Chinese stocks.
In a further boost to the French market, drinks maker Pernod Ricard delivered forecast-beating first-half profit and sales, helped by price increases in the key Chinese and U.S. markets.
There was also positive earnings news from banks, whose interest income has been boosted by higher global rates. Standard Chartered reported a 28% rise in annual pretax profit, causing the London-headquartered but Asia-focused bank to raise a key performance metric and unveiled a new $1 billion share buyback program on Thursday. Its Hong Kong shares are currently up nearly 3%.
Germany's Commerzbank's net profit rose a better-than-expected 12% in the fourth quarter, capping a second consecutive profitable year as the lender undergoes a major restructuring.
Investors are also watching British housing provider Home REIT, which has been under scrutiny over the last few months after a short-seller report by Viceroy Research, and which said on Thursday it has received an unsolicited approach from Bluestar Group Ltd on a possible acquisition offer.
Alun John