Dow Today – Strong German data, Adidas lift European stocks to record high
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May 7 (Reuters) – European stocks hit a record high on Friday as strong economic data from Germany and other major economies as well as upbeat earnings added to hopes of a swift economic recovery from the pandemic shock.
The pan-European STOXX 600 index rose 0.3% to 442.24 points by 0723 GMT. The benchmark briefly surpassed its April record high of 443.61 in early trading.
Data showed German companies increased their exports for the eleventh month in a row in March, with growth coming in at 1.2%, twice the rate economists had forecast.
The Dow Jones Industrial Average closed at an all-time high on Thursday after a strong U.S. weekly jobless claims data, while Asian stocks rose on upbeat trade report from China.
German sportswear company Adidas surged 7.1% after it raised its 2021 sales outlook.
UK’s Meggitt jumped 13.0% to the top of STOXX 600 after a media report of takeover, while French mall owner Klepierre slipped 3.1% on trimming its 2021 cashflow forecast.
Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva