The pan-European STOXX 600 index posted a record close on Thursday, closing out its second straight quarter at highs, with retailer JD Sports posting its strongest day in more than four years after reiterating its annual profit forecast.
The STOXX 600 closed 0.18% higher at 512.67 points, capping a week of four narrow-range sessions ahead of the long holiday weekend.
The benchmark index ended its second consecutive quarter of gains with a 7% gain, driven by optimism about impending interest rate cuts and a rally in technology stocks on the back of fervor over artificial intelligence.
The index also closed the fifth consecutive month of growth, closing March with an increase of 3.7%.
According to Nadege Duffose, global head of multi-asset at Candriam, more cyclical sectors such as industrials and banking have been much stronger than expected, with investors less worried about a recession and confident that central banks will change their approach this year .
The industrial goods and services sector gained 11% in the first three months of the year, while Eurozone banks grew 17.7%.
The market’s focus now is on the US PCE price index, which will be released on Friday when markets are closed, to determine when the Federal Reserve will make interest rate cuts, which could set the tone for other central banks.
JD Sports, which sells products from Adidas and other sports brands, rose 15.6% to the top of the STOXX 600, after the sportswear retailer said its pre-tax profit for next year was in line with forecasts. his predictions. Adidas shares rose 1.1%.
The retail sector led sector gains with a 1.4% increase.
IN LONDON the Financial Times index advanced by 0.26%, to 7,952.62 points.
IN FRANKFURT the DAX index had a positive change of 0.08%, to 18,492.49 points.
IN PARIS, the CAC-40 index recorded a positive change of 0.01%, to 8,205.81 points.
IN MILAN the Ftse/Mib index collapses by 0.03%, to 34,750.35 points.
In MADRID, the Ibex-35 index recorded a decline of 0.33%, to 11,074.60 points.
In LISBON the PSI20 index increased by 0.06%, to 6,280.50 points.
Source: Terra
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