European shares hit record highs, focus shifts to earnings
- The pan-European STOXX 600 added 0.8% to 622.46 points
European shares hit a record high on Tuesday, as a global rout in commodity markets appeared to stabilize, while the focus shifted to corporate earnings from the likes of Amundi and Siltronic.
The pan-European STOXX 600 added 0.8% to 622.46 points by 0816 GMT, with basic resources adding 1.9% to lead sectors higher.
Commodity-linked stocks had come under pressure since late last week, tracking a slump in prices of precious metals after Kevin Warsh, a policy hawk, was nominated as the next US Federal Reserve chair.
A hike in CME margin requirements also put the brakes on the metals’ record rally.
On the earnings front, Europe’s largest asset manager Amundi climbed 4.7% after reporting higher-than-expected net inflows in the fourth quarter.
German semiconductor wafer supplier Siltronic added 2.5% after reporting preliminary fourth-quarter results with core profit and revenue beating market expectations.
The broader tech sector was in focus after US-based Palantir Technologies reported a big jump in quarterly sales and issued upbeat forecasts.
Comments