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European stocks near record highs, Cineworld (CINE) rises 3.2%
Monday saw European stocks inch closer to near record highs with technology stocks in the lead and Cineworld (CINE) experiencing surprising gains after new releases.
On Monday, European stocks drew closer to new record highs, with technology stocks in the lead. The European STOXX 600 index reached 445.07 points after a 0.1% increase, which is right below the previous record of 446.19 points. Technology stocks led the day and raised 1%, while other sectors such as banks and basic resources that are more sensitive to the economy did not perform as well and instead traded in the red.
The chief investment officer of Global Wealth Management at UBS, Mark Haefele, said: “Our near-term focus on the reflation trade and sectors like energy and financials is not as interesting as the case for growth and technology.” The release of family-friendly animated film Peter Rabbit 2: The Runaway helped the UK’s Cineworld Group Plc (CINE) to rise 3.2%. The film has received good reviews and brought in significantly more in box office revenue than expected – perhaps because many families were excited to get out of the house following the easing of COVID-19 lockdown measures in the UK.
Concerns were raised earlier in the week when Germany’s public health institute identified Britain and North Ireland as a virus variant region. This means that anyone who enters Germany from the UK will need to complete a full two weeks of quarantine upon arrival and comes just weeks after the UK began to reopen and restart its economy. Holidays in Germany, Denmark, Austria, Hungary, Norway, and Switzerland also meant that trading was slightly less active in those markets.
However, Christine Lagarde, President of the European Central Bank (ECB), likely boosted optimism and energy on the trading floor when she stated that it was too early for the ECB to begin discussing policy after the recent €1.85tn emergency bond purchase scheme had ended.
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