By Anisha Sircar and Shreyashi Sanyal
(Reuters) – European equities hit another record high on Monday after comments by European Central Bank (ECB) President Christine Lagarde helped dampen bets on tighter monetary policy as US shares decline. miners held back the gains.
Lagarde said the rise in current inflation will be longer than anticipated but will ease into next year, so monetary policy action will now hit the economy as price growth starts to moderate on its own.
The continental STOXX 600 index rose 0.4%, while the German DAX index rose 0.3%, with both reaching new highs.
“ECB President Lagarde’s comments highlighted the persistence of the dovish approach (inclined towards a looser monetary policy) in the face of inflationary pressures, with the first high still expected in 2023,” said Joshua Mahony, senior market analyst at IG.
The French CAC 40 blue-chip index also hit an all-time high, rising 0.5% on a rise by Airbus. The European aircraft maker has received a multibillion-dollar order for 255 A321neo passenger jets from portfolio airlines of private equity firm Indigo Partners.
The STOXX 600 marked a series of record highs this month as strong corporate earnings and milder monetary policy decisions by central banks boosted investor confidence, helping to shift focus away from a Covid-19 resurgence in the region.
Meanwhile, Europe’s basic resources index fell 1.1 percent as metals prices tumbled on China’s pledge to “phasing out” coal at the COP26 summit.
Data earlier in the day showed that retail sales and industrial production growth last month in the world’s second-largest economy beat expectations, fueling optimism among global investors.
The Austrian government on Sunday became the first European country to reinstate a new blockade, putting millions of unvaccinated people under restrictions amid record infection rates.
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