European stocks hit record high, joining their Wall Street peers, as optimism around economic growth and a potential easing of monetary policy extended last year's rally.
The Stoxx Europe 600 Index climbed 0.9% to 495.71 points, topping its previous all-time peak, which it hit in January 2022. Thursday's gains were powered by tech stocks after Nvidia Corp. delivered another eye-popping sales forecast.
Just like in the US, concentration of returns has been a big theme in Europe recently, with just four stocks accounting for 65% of gains in the benchmark since the start of the year. Chip equipment maker ASML Holding NV, Danish drugmaker Novo Nordisk A/S, German software giant SAP SE, and French luxury goods manufacturer LVMH have all seen double-digit gains in 2024.
Beyond the individual industries, signs of a resilient global economy are buoying investor sentiment. At the same time, bets that global central banks will start cutting interest rates later this year are also turbocharging equities and already sent the US benchmark S&P 500 Index to a record.
Source : Bloomberg
