European stocks rise as Daimler earnings lift automakers

  • Reuters
  • Stock Market News
European stocks rise as Daimler earnings lift automakers
Credit: © Reuters.

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April 16 (Reuters) - European stocks hit a record high on Friday after strong U.S. and China data spurred optimism about a speedy global recovery, while automakers got a boost following Daimler 's better-than-expected profit.

The pan-European STOXX 600 index .STOXX rose 0.1% by 0706 GMT, on course for its seventh straight week of gains. The German DAX .GDAXI also gained 0.1%, while UK's FTSE 100 .FTSE was up 0.4%.

Global stocks stood near record highs after data showed China's economic recovery quickened sharply in the first quarter from last year's deep coronavirus-led slump. car and truck maker Daimler DAIGn.DE gained 2.1% as higher vehicle prices and strong demand in China helped it post a better-than-expected surge in quarterly operating profit. The wider auto index .SXAP rose 1%. meal kit delivery firm HelloFresh HFGG.DE jumped 5.6% after its first-quarter preliminary results beat expectations, leading to a 2021 outlook hike. maker L'Oreal OREP.PA slipped 1.8% despite posting a further pickup in sales in the first quarter.

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