European shares hit record high on resources boost, risk appetite

European shares scaled to record-high levels on Thursday, boosted by basic resources-linked stocks and a strong risk appetite, while traders await a raft of economic data from the euro zone and the United States. The pan-European STOXX 600 index was up 0.8% at 509.96, as of 0818 GMT. Shares of the clothing retailer added 4%.

European shares scaled to record-high levels on Thursday, boosted by basic resources-linked stocks and a strong risk appetite, while traders await a raft of economic data from the euro zone and the United States.

The pan-European STOXX 600 index was up 0.8% at 509.96, as of 0818 GMT. The basic resources sub-index led sectoral gains with a 2.7% jump as prices of most metals climbed after the U.S. Federal Reserve maintained its projection of three rate cuts for this year, while gold prices soared to a record high.

Technology and rate-sensitive real estate shares advanced 2.1% and 1.7%, respectively, as risk appetite ramped up following the Fed's outlook. Investors await flash reading of business activity in the month of March for the euro zone and the United States due later in the day, which could offer potential clues into the central banks' interest rate-cut cycle.

In corporate updates, Next retained its outlook for sales and profit in the current year after reporting a slightly better-than-expected rise in annual profit. Shares of the clothing retailer added 4%.

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