European equities close at record high after solid balance sheets - ISTOÉ MONEY

British central bank in London

By Anisha Sircar and Ambar Warrick

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(Reuters) – European equities closed at a record high on Wednesday after a strong batch of quarterly balances, while major miners’ shares rebounded from recent losses due to higher commodity prices.

The pan-European STOXX 600 index rose 0.4% to a record closing peak of 481.22 points, with the basic resources sector leading the gains. The sector jumped 0.9%, recovering from a low in almost a month.

On the balance sheet front, German software company TeamViewer soared 11.0% after confirming its preliminary third-quarter results and annual outlook.

Lufthansa, on the other hand, jumped 7.0% after the airline returned to profit for the first time since the coronavirus crisis, driven by the relaxation of travel restrictions.

Still, the expectation around the Federal Reserve’s announcement of reduced stimulus kept most of the stock’s gains under control.

The STOXX 600 kicked off November with consecutive record highs as investors brush aside concerns about accelerating inflation caused by supply chain bottlenecks and labor shortages, while the earnings season turned out to be much stronger than expected.

In LONDON, the Financial Times index retreated 0.36%, to 7,248.89 points.

In FRANKFURT, the DAX index rose 0.03% to 15,959.98 points.

In PARIS, the CAC-40 index gained 0.34% to 6,950.65 points.

In MILAN, the Ftse/Mib index appreciated by 0.69%, to 27,377.87 points.

In MADRID, the Ibex-35 index dropped by 0.82% to 9,030.80 points.

In LISBON, the PSI20 index devalued 1.62% to 5,692.45 points.