European shares at record high on auto stocks boost

European stocks inched higher on Monday, extending their record-setting rally, as optimism about a solid start to the earnings season offset a worrying resurgence in COVID-19 cases globally. The pan-European STOXX 600 index rose 0.1% by 0706 GMT, its fifth day of gains, while an index of euro zone shares rose 0.2% to touch its highest since September 2000.

European stocks inched higher on Monday, extending their record-setting rally, as optimism about a solid start to the earnings season offset a worrying resurgence in COVID-19 cases globally.

The pan-European STOXX 600 index rose 0.1% by 0706 GMT, its fifth day of gains, while an index of euro zone shares rose 0.2% to touch its highest since September 2000. Automakers were the top gainers, up 0.7%, followed by miners and travel stocks.

French car parts maker Faurecia rose 1% after its first-quarter sales beat market expectations, helped by particularly strong growth in China. Danske Bank slipped 1.7% as Chief Executive Officer Chris Vogelzang resigned after the Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro.

ABN Amro rose 3.3% after it said it had reached a 480-million-euro ($574 million) settlement with prosecutors over money laundering allegations.