European shares extend gains on U.S. stimulus hope

  • Reuters
  • Stock Market News
European shares extend gains on U.S. stimulus hope
Credit: © Reuters.

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Jan 21 (Reuters) - European stocks extended gains on Thursday on hopes of a large U.S. stimulus plan under new President Joe Biden, while investors looked to the European Central Bank (ECB) for clues on the eurozone's economic health.

The pan-European STOXX 600 index .STOXX rose 0.7% by 0807 GMT, hitting new highs since February, with automakers .SXAP banks .SX7P and industrial companies .SXNP gaining the most.

Asian and Wall Street peers hit record highs after Biden took office on Wednesday and signed half a dozen executive orders that included America's return to the international Paris Agreement to fight climate change. the ECB is widely expected to keep its easy money policy unchanged later in the day, but hold the door wide open to further stimulus as the spreading second wave of COVID-19 dims an already weak outlook. individual shares, Sandvik SAND.ST gained 1.3% after the metal-cutting tools and mining gear maker reported quarterly earnings above analysts' forecasts. cellphone mast operator Cellnex CLNX.MC rose 3.2% and German telecoms group Deutsche Telekom DTEGn.DE rose 0.7% after the two companies announced to combine their tower business in the Netherlands.

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