European stocks set for strong week, Germany's DAX hits record high

Germany's DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November. Meanwhile, chipmakers Infineon, AMS and ASM International gained between 2.2% and 4.7% after global peers Micron Technology Inc and Samsung Electronics Co Ltd provided strong earnings reports.

Reuters | Berlin | Updated: 08-01-2021 14:10 IST | Created: 08-01-2021 13:51 IST
European stocks set for strong week, Germany's DAX hits record high
Representative Image Image Credit:

European stocks rose on Friday, with Germany's DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The pan-European STOXX 600 index rose 0.7% by 0810 GMT and was on track for a more than 3% weekly gain, with hopes of more U.S. stimulus boosting economically sensitive sectors such as miners, oil & gas and banks. Germany's DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November.

Meanwhile, chipmakers Infineon, AMS and ASM International gained between 2.2% and 4.7% after global peers Micron Technology Inc and Samsung Electronics Co Ltd provided strong earnings reports. Franco-Italian chipmaker STMicroelectronics rose 4% after its early revenue estimate for the fourth-quarter came in above the previous range.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Addressing conflict-related sexual violence at long last

... ...

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

Brazil reports 987 new coronavirus deaths on Monday

Brazil on Monday reported 987 new deaths from the coronavirus, bringing the total to 266,398 deaths, the health ministry said.The country also reported 32,321 new cases of the virus, bringing the total infected to 11,051,665, the ministry s...

Myanmar protesters defy curfew; media outlets ordered shut

Demonstrators in Myanmars biggest city came out Monday night for their first mass protests in defiance of an 8 pm curfew, seeking to show support for an estimated 200 students trapped by security forces in a small area of one neighbourhood....

One in three travel destinations still fully closed to international tourists: UN agency

Among the destinations now off limits, more than half of them have been inaccessible to overseas travelers since 27 April last year.UNWTO 9th travel restrictions report is out 32 destinations are completely closed for intl tourism 34 de...

Biden grants temporary protected status to Venezuelans in U.S. who fled country's turmoil

The Biden administration is granting temporary protected status to Venezuelan migrants living in the United States and is also working to coordinate international pressure against President Nicolas Maduro to hold free and fair elections, se...

Give Feedback