Reopening Optimism Pushes European Stocks Closer to Record High

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Updated: May 18, 2021, 08:42 UTC

(Reuters) - European stocks neared record high on Tuesday on optimism around several countries easing economic restrictions, falling unemployment rate in the United Kingdom and strong earnings reports from companies.

The German share price index DAX graph is pictured at

The pan-European STOXX 600 index rose 0.7% by 0716 GMT, trading just shy of its record high hit last week, with economy-linked cyclical sectors like miners and automakers leading the gains.

The German DAX rose 0.8% to hit a record high, while Italy’s FTSE MIB added 0.8% to fresh pre-pandemic highs.

Milan-listed shares of Stellantis gained 1.3% ahead of the announcement of ties with Foxconn.

The world’s biggest maker of hearing aids Sonova Holding surged 8.5% after predicting strong growth this year due to a market recovery and new products.

Meanwhile, Vodafone fell 7.2% after the UK mobile operator reported a 1.2% drop in full-year adjusted earnings as COVID-19 hit roaming revenue and handset sales.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)

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