German DAX hits record high as automakers rally
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
March 18 (Reuters) - Automakers lifted the German DAX to a record high on Thursday, while euro zone blue-chip stocks jumped to pre-pandemic levels after the U.S. Federal Reserve vowed to keep interest rates low despite forecasting a surge in economic growth.
An index of euro zone's top 50 companies .STOXX50E gained 0.3% in early trading, briefly surpassing its peak hit in February last year before the COVID-19 pandemic hammered financial markets.
Germany's blue-chip DAX .GDAXI rose 0.7%, France's CAC 40 .FCHI was up 0.2%, while UK's FTSE 100 .FTSE slipped 0.1% ahead of the Bank of England's monetary policy decision due later in the day. wider pan-European STOXX 600 .STOXX rose 0.3% and was trading less than 2% below its all-time high.
With the 10-year U.S. Treasury yield US10YT=RR rising in after the Fed decision, economically sensitive sectors such as automakers .SXAP , banks .SX7P , miners .SXPP and travel & leisure .SXTP led the gains in Europe. VOWG_p.DE jumped 6.1%, sealing its position as the most valuable company in Germany's DAX after it overtook software maker SAP SAPG.DE on Wednesday. considered as bond-proxies such as utilities .SX6P , food & beverage .SX3P and healthcare stocks .SXDP were trading lower.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or