Markets

European stocks jump to all-time high

2021-06-07 12:06:07 GMT (Economies.com)

European stocks rose on Monday, rising for the second straight day, and hit all-time highs thanks to improved market sentiment, after the less-than-expected US jobs data lowered the odds for the US Fed to tight the monetary policy.

 

The Stoxx Europe 600 index rose 0.25% as of 11:11 GMT, and hit its all-time high at 453.88 points, after closing higher by 0.4% on Friday.

 

The pan European index rose 0.8% last week, in the third straight weekly gain, thanks to growing signs on the recovery of the euro zone economy from the pandemic.

 

The automotive sector saw the largest gains in Europe today, with a jump of more than 0.75%, thanks to rising car sales during the second half of this year.

 

S&P 500 futures fell today by less than 0.1%, after the index ended higher by 0.9% on Friday.

 

Data showed on Friday that the US economy has added less than expected new jobs during May, which renewed doubts about the US labor market strength, which US is a very important indicator that the US monetary policy makers use to determine the size of the bond-buying program and interest rates.

 

Back to Europe, the Euro Stoxx 50 index rose 0.25%, France's CAC 40 rose 0.3%, and the UK's FTSE 100 rose 0.3%.

 

While Germany's DAX index rose 0.4%, and hit a new record high at 15,732.06 points.

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