European stocks rise as Daimler earnings lift automakers

European stocks rise as Daimler earnings lift automakers

European stocks hit a record high on Friday after strong U.S. and China data spurred optimism about a speedy global recovery, while automakers got a boost following Daimler (OTC:DDAIF)’s better-than-expected profit.

The pan-European STOXX 600 indices rose 0.1% by 0706 GMT, on course for its seventh straight week of gains. The German DAX also gained 0.1%, while UK’s FTSE 100 was up 0.4%.

Global stocks stood near record highs after data showed China’s economic recovery quickened sharply in the first quarter from last year’s deep coronavirus-led slump.

German car and truck maker Daimler gained 2.1% as higher vehicle prices and strong demand in China helped it post a better-than-expected surge in quarterly operating profit. The wider auto index rose 1%.

The pan-European Stoxx 50 climbed up by 0.30% to 4,005.5. In the cash markets, the DAX futures Germany was trading up 0.34% to 15,321.00. CAC 40 futures in France down by 0.88% to 6179.50 while the FTSE 100 futures in the U.K. up by 0.83% to 6,951.5, at the time of writing.

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