May 7 Reuters European stocks hit a record high on Friday as strong economic data from Germany and other major economies as well as upbeat earnings underpinned hopes of a swift economic recovery from the pandemic shock.
The panEuropean STOXX 600 index rose 0.3 to 442.52 points after briefly surpassing its April record high of 443.61 in early session.
The German DAX rose 0.9, inching closer to its life high, while Frances CAC 40 hit its highest level since November 2000 and UKs 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.
The Dow Jones Industrial Average closed at an alltime high on Thursday after a strong U.S. weekly jobless claims data, while Asian stocks rose on upbeat trade report from China.
Its 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.
But the moment growth starts to slow down, as it naturally will, and that will probably be the same time that the Fed starts taking some liquidity away, making markets more vulnerable.
Data later in the day is likely to show the U.S. economy added a million workers in April, with investors keenly watching the numbers for clues on the U.S. Federal Reserves next…