AMSTERDAM/LONDON: European shares closed at a record high on Thursday boosted by Airbus after the planemaker hiked its jet output targets, while German shares weakened after shares in pharmaceuticals maker Bayer were hit by a court ruling.
The pan-European STOXX 600 index rose 0.3% to 446.44 points, a record closing high.
French planemaker Airbus jumped 9.2% after it set out sweeping goals to expand production of jetliners, as the airline industry recovers from the Covid-19 pandemic.
German shares shed around 0.3%, lagging other regional markets, with Bayer the biggest drag on the DAX, falling 5.0%.
The stock marked its worst day in three months after a US judge rejected its class action plan to settle future claims related to its Roundup and other glyphosate-based weedkillers. European shares have moved little this week, but achieved record highs as continued affirmations of easy monetary policy and waning concerns over inflation painted a favourable picture.
However, investors have been moving into more cyclical parts of equity markets for protection from the risks of rising inflation.
The European banks sector nearly 2% and basic resources jumped 3.0%, leading sectoral gains on Thursday.
Food and beverage stocks were among the worst performers, falling 0.7% on losses in British processed foods maker Tate & Lyle. The stock shed more than 6% after its annual revenue fell.
Among other movers, Deutsche Bank rose 1% after Chief Executive Christian Sewing told shareholders that the bank’s multi-year overhaul is ahead of plan and remains its primary focus, promising an era of more sustainable profit.
Puma fell 0.6% after French luxury goods group Kering said it will sell a 5.9% stake in the German sportswear firm through a share placement.
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