European stocks set for strong week, Germany's DAX hits record high

  • Reuters
  • Stock Market News
European stocks set for strong week, Germany's DAX hits record high
Credit: © Reuters.

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

Jan 8 (Reuters) - European stocks rose on Friday, with Germany's DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The pan-European STOXX 600 index .STOXX rose 0.7% by 0810 GMT and was on track for a more than 3% weekly gain, with hopes of more U.S. stimulus boosting economically sensitive sectors such as miners .SXPP , oil & gas .SXEP and banks .SX7P .

Germany's DAX index .GDAXI jumped 0.8% after data showed both industrial output and exports rose more than expected in November. chipmakers Infineon IFXGn.DE , AMS AMS.S and ASM International ASMI.AS gained between 2.2% and 4.7% after global peers Micron Technology Inc MU.O and Samsung Electronics Co Ltd 005930.KS provided strong earnings reports.

Franco-Italian chipmaker STMicroelectronics STM.PA rose 4% after its early revenue estimate for the fourth-quarter came in above the previous range.

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