(There will be no European stock market report on Friday and Monday on account of Easter holidays. Reuters will resume coverage on Tuesday, April 6)
* STOXX 600 still lags S&P 500 to hit record high
* Chipmakers rally after Micron results
* Credit Suisse set for worst week in a year
(Adds comments, updates prices throughout)
By Sruthi Shankar
April 1 (Reuters) - European stocks ended a hair's breadth away from a record high on Thursday as strong factory activity data out of the euro zone and optimism around a new U.S. government spending plan eclipsed concerns about another lockdown in France.
The pan-European STOXX 600 index .STOXX was up 0.7% at 432.22 points, about a point away from its all-time high. Its U.S. counterparts have already recaptured all their coronavirus-driven losses from last year.
The German DAX .GDAXI climbed 0.7% to hit an all-time high, while the UK's FTSE 100 .FTSE gained 0.4% as data showed euro zone factory activity growth galloped at its fastest pace in the near 24-year history of a leading business survey in March. synchronised global recovery is expected to come through pretty strongly as we go through unlocking Europe in the next few months," said Jonathan Stubbs, equity strategist at Berenberg.
"The earnings recovery story looks pretty well underpinned. My forecasts suggest 25%-30% earnings growth across Europe this year and next year combined. It's a pretty punchy recovery."
The STOXX 600 index had ended the first quarter on Wednesday with a 7.7% rise - its fourth straight quarter of gains. But it took the benchmark index seven months more than the U.S. S&P 500 .SPX to reclaim its pre-pandemic high, slowed down by a sluggish vaccination roll-out and a new wave of infections.
President Emmanuel Macron ordered France into its third national lockdown, but the French blue-chip index .FCHI 0.6% rose after a sluggish start. global sentiment further, U.S. President Joe Biden unveiled a sweeping $2.3 trillion spending plan on Wednesday that includes investments in roads, railways, broadband, clean energy and semiconductor manufacture. stocks including ASML ASML.AS , ASMI ASMI.AS , Infineon Technologies IFXGn.DE and BE Semiconductor BESI.AS all rose between 1.2% and 3.6% after U.S. chipmaker Micron Technology MU.O issued an upbeat revenue forecast. boosting the sector, contract chipmaker TSMC 2330.TW said it plans to invest $100 billion over the next three years to increase capacity at its plants. food delivery firm Deliveroo's shares ROO.L fell 1.9% after plunging by as much as 30% in their trading debut on Wednesday. peer Delivery Hero DHER.DE jumped 3.9% after Dutch tech investment company Prosus (JO: PRXJn ) NV PRX.AS raised its stake in the company. companies Sodexo EXHO.PA and Elior ELIOR.PA slipped even as Sodexo forecast an expansion of second-half revenue after reporting a large beat on its first-half profit margin. lender Credit Suisse CSGN.S rose 2.6%, but was on track for its worst week since March 2020, hit by worries about the fall-out from Archegos Capital's dramatic meltdown.
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.