By Sruthi Shankar and Susan Mathew
(Reuters) – European stocks rallied on Thursday, reaching the highest level in more than two weeks, as investors are betting that a steady economic recovery in the face of the pandemic will support corporate balance sheets despite signs of high inflation.
Mining stocks jumped 3.3%, the biggest daily gain in three months, while technology stocks rose again.
The FTSEurofirst 300 index rose 1.16% to 1,804 points, while the pan-European STOXX 600 index gained 1.2% to 466 points.
European chip makers, including ASML, AMS and BE Semiconductor, were among the biggest gainers in the tech sector after Taiwanese chip giant TSMC posted a 13.8% jump in third-quarter profit in amid the growing demand for semiconductors.
Optimism around balance sheets led the STOXX 600 to close the gap from its record high to 2%.
In LONDON, the Financial Times index rose 0.92% to 7,207 points.
In FRANKFURT, the DAX index rose 1.40% to 15,462 points.
In PARIS, the CAC-40 index gained 1.33% to 6,685 points.
In MILAN, the Ftse/Mib index appreciated 1.23%, to 26,277 points.
In MADRID, the Ibex-35 index rose 0.49% to 8,925 points.
In LISBON, the PSI20 index gained 0.49% to 5,620 points.
(By Luana Maria Benedito)
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