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SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks hover near record highs, Cineworld gains

05/24/2021 | 12:11pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks held close to record highs on Monday with technology stocks leading the charge, as investors counted on strength in corporate earnings to keep the market momentum going.

The pan-European STOXX 600 index rose 0.1% to 445.07 points, just below its record high of 446.19 points.

European technology stocks jumped 1%, while more economy-sensitive sectors such as banks and basic resources traded in the red.

"Our near-term focus on the reflation trade and sectors like energy and financials is not as interesting as the case for growth and technology," said Mark Haefele, chief investment officer of global wealth management at UBS.

"Although global stocks are now around 20% above pre-pandemic highs, a combination of strong earnings growth and reasonable valuations relative to still-low bond yields points to further upside."

Trading activity was subdued with markets in Austria, Denmark, Hungary, Norway, Switzerland and Germany closed for a holiday.

UK's Cineworld Group Plc rose 3.2% after animated adventure comedy "Peter Rabbit 2: The Runaway" pulled in more people than expected after a months-long COVID-19 lockdown.

Helping sentiment, European Central Bank President Christine Lagarde said on Friday it was still too early to discuss policy after the end of its 1.85 trillion euro ($2.3 trillion) emergency bond purchase scheme.

Her comments followed calls by some colleagues to consider tapering. The central bank is set to meet early next month to discuss its policy.

The STOXX 600 ended last week marginally higher despite worries about inflation as a survey showed euro zone business growth accelerated at its fastest pace in over three years in May.

There were some concerns as Germany's public health institute declared Britain and Northern Ireland a virus variant region, requiring anyone entering the country from the United Kingdom to quarantine for two weeks on arrival.

Italy's FTSE MIB lagged as several stocks traded ex-dividend.

($1 = 0.8192 euros)

(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur and Jan Harvey)

By Sruthi Shankar and Shreyashi Sanyal

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CINEWORLD GROUP PLC -0.77% 62.3929 Delayed Quote.-1.93%
EURO STOXX 50 0.27% 4155.26 Delayed Quote.15.91%
FTSE MIB 0.12% 25521.92 Delayed Quote.14.05%
MSCI ITALY (STRD) -0.10% 308.66 Real-time Quote.8.93%
STOXX EUROPE 600 NR 0.24% 1050.6 Delayed Quote.18.45%
STOXX ITALY 20 (EUR) 0.13% 1116 Delayed Quote.14.85%
STOXX ITALY 45 (EUR) 0.15% 115.09 Delayed Quote.14.15%
STOXX ITALY TMI (EUR) 0.13% 118.48 Delayed Quote.14.79%
UBS GROUP AG 0.13% 15.105 Delayed Quote.21.09%
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Duration : Period :
Euro Stoxx 50 Technical Analysis Chart | EU0009658145 | MarketScreener
Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
SIEMENS AG 143.23 Real-time Estimate Quote.3.94%
SAFRAN 111.08 Real-time Quote.1.52%
ASML HOLDING N.V. 679.6 Real-time Quote.1.42%
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AIRBUS SE 115.84 Real-time Quote.1.22%
ANHEUSER-BUSCH INBEV 51.75 Real-time Quote.-0.96%
DAIMLER AG 75.075 Real-time Estimate Quote.-1.14%
PROSUS N.V. 71.09 Real-time Quote.-2.24%
ADIDAS AG 320.6 Real-time Estimate Quote.-4.65%
BAYER AG 47.18 Real-time Estimate Quote.-5.31%
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