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European Stocks Notch Highs, Daimler Earnings Lift Carmakers

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European stocks hit a record high on Friday after strong U.S. and China data spurred optimism about a speedy global recovery, while strong results from Germanys Daimler boosted carmakers.

The panEuropean STOXX 600 index rose 0.3. The German DAX gained 0.6 to hit an alltime high, while UKs FTSE 100 was up 0.4.

Global stocks stood near record highs after data showed Chinas economic recovery quickened sharply in the first quarter and U.S. retail sales rose by the most in 10 months in March.

German car and truck maker Daimler rose 2.5 as higher vehicle prices and strong demand in China helped it post a betterthanexpected surge in quarterly operating profit.

The wider automobiles parts index gained 1.6 to lead gains among European sectors. Data showed new car registrations jumped 87.3 in March in the European Union.

While the STOXX 600 is set for its seventh straight week of gains, the moves have been tightranged this week, with most European bourses holding near prepandemic levels.

A lot of the good news has been priced in, said Rupert Thompson, chief investment officer at Kingswood. Equity markets are probably going to continue to trend higher but they definitely need to consolidate.

Analysts expect profit for STOXX 600 companies to jump more than 55 in the first quarter after a slide of nearly 40 in the same quarter last year, according to Refinitiv IBES data.

Meanwhile, a Reuters poll of economists showed the euro zone economy will recover at a much weaker rate…

Euro Zone Yields Rise as U.S. Treasury Yields Jump Back

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