Strong German data, Adidas lift European stocks to record high

  • Reuters
  • Stock Market News
Strong German data, Adidas lift European stocks to record high
Credit: © Reuters.

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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 added to hopes of a swift economic recovery from the pandemic shock.

The pan-European STOXX 600 index .STOXX rose 0.3% to 442.24 points by 0723 GMT. The benchmark briefly surpassed its April record high of 443.61 in early trading.

The German DAX .GDAXI rose 0.8%, inching closer to its life high, while France's CAC 40 .FCHI hit its highest since November 2000 and UK's FTSE 100 .FTSE breached the 7,100 mark.

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. Dow Jones Industrial Average .DJI closed at an all-time high on Thursday after a strong U.S. weekly jobless claims data, while Asian stocks rose on upbeat trade report from China. sportswear company Adidas ADSGn.DE surged 7.1% after it raised its 2021 sales outlook. Meggitt MGGT.L jumped 13.0% to the top of STOXX 600 after a media report of takeover, while French mall owner Klepierre LOIM.PA slipped 3.1% on trimming its 2021 cashflow forecast.

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