European stocks rose to a fresh record high as solid earnings from the likes of Anheuser-Busch InBev NV and Siemens Energy boosted sentiment.
Author of the article:
Bloomberg News
Macarena Muñoz
Published May 08, 2024 • 2 minute read
(Bloomberg) — European stocks rose to a fresh record high as solid earnings from the likes of Anheuser-Busch InBev NV and Siemens Energy boosted sentiment.
The Stoxx 600 Index was 0.3% higher by the close in London for its fourth straight day of gains. The food & beverages sector led the advance, with AB InBev rallying after reporting better-than-expected volumes and sales in North America. Alstom SA soared after the troubled train maker outlined a capital increase of about €1 billion ($1.1 billion) to shore up its balance sheet, while an outlook upgrade lifted Siemens Energy AG.
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Puma SE, JD Wetherspoon Plc and Ahold Delhaize NV were among others posting forecast-beating results. Auto stocks bucked the firmer trend, however, with luxury carmaker BMW AG sliding after it said higher costs had hit profits.
“The blue chips on the European markets continue to set the direction,” said Guillermo Hernandez Sampere, head of trading at asset manager MPPM.
European stocks have added 2.1% already this month, getting a boost from corporate earnings and expectations the European Central Bank will start cutting rates from June. The FTSE 100 also hit a fresh record, lifted by commodities outperformance.
Also on the central bank front, last week’s weaker US jobs data has lent confidence that the Federal Reserve can start cutting rates this year. On Wednesday, Sweden’s Riksbank kicked off its rate cutting cycle, easing policy for the first time in eight years. Stockholm’s equity index rose 0.5%, touching a new record high before reversing gains ahead of a holiday.
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—With assistance from Michael Msika.
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