(Reuters) – European stocks extended their gains on Thursday on hopes of a major US stimulus package under new President Joe Biden, as investors looked to the European Central Bank (ECB) for clues on the economic health of the euro zone.
The pan-European STOXX 600 index rose 0.7% to 0807 GMT, hitting new highs since February, with automakers, banks and industrial companies winning the most.
Asian and Wall Street peers hit record highs after Biden took office on Wednesday and signed half a dozen executive orders including America’s return to the Paris International Agreement to fight climate change.
Meanwhile, the ECB is generally expected to keep its easy monetary policy unchanged later in the day, but keep the door wide open for further stimulus as the second wave of COVID-19 spreads. darkens an already dim perspective.
Among individual stocks, Sandvik gained 1.3% after the maker of metal-cutting tools and mining gears reported quarterly profits above analysts’ expectations.
Spanish mobile mast operator Cellnex rose 3.2% and German telecommunications group Deutsche Telekom rose 0.7% after the two companies announced the consolidation of their tower activities in the Netherlands. Low.
Amal S report in Bengaluru; Edited by Arun Koyyur