European shares end at record highs, post sixth straight week of gains

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European shares end at record highs, post sixth straight week of gains

On Friday, a basket of major European stock indices had wrapped up the session at record closing highs, as strong quarterly earnings’ report from Swiss luxury goods manufacturer Richemont appeared to have raised investors’ morale higher and helped luxury goods’ makers shelve lofty gains at the end of a volatile week.

If truth is to be told, ECB’s (European Central Bank) Lagarde had tuned up the tone of a pluperfect market landscape in Europe later last week, as she was quoted saying that the ECB had no plans to raise interest rates in a near-future, eventually spurring up bets on value stocks which would more likely to be benefitted by the most following the pandemic’s fiscal fallouts.

Apart from Richemont, which had soared 10.9 per cent in the day, Louise Vuitton-owner LVMH added 2.5 per cent following media toplines that it was planning to open up duty-free shops in China, as luxury goods manufacturers appeared to have catalysed a 0.3 per cent rise in pan-European STOXX 600 that had added 0.7 per cent on the week and closed out the session at a record-peak.

On top of that, Eurostat economic data had revealed later this week that the bloc’s industrial output fell less-than-anticipated, mostly boosted up by a rise in output of non-durable goods such as clothing, fleshing up investors’ morale further.

Major European bourses end at record highs

Citing statistics, in the day’s European market wind-down, London’s FTSE 100 shed 0.49 per cent to 7,347.91 as a strong British Pound weighed heavily on blue-chip stocks and French CAC 40 added 0.45 per cent to 7,091.40, while Frankfurt’s DAX edged 0.07 per cent higher to 16,094.07.

Elsewhere in the Europe, Italy’s FTSE MIB gained 0.36 per cent to 27,732.39, while Madrid’s IBEX 35 edged 0.13 per cent lower to 9,080.80. On the week, London’s FTSE 100 added 0.60 per cent, French CAC 40 soared 0.72 per cent and Frankfurt’s DAX rose 0.25 per cent, while Milan’s FTSE MIB shed 0.23 per cent and Madrid’s benchmark IBEX 35 lost 0.55 per cent.