European stocks touch record highs after US Federal Reserve pledge
April 20, 2021

European stocks touch record highs

After the US Federal Reserve pledged to keep monetary policy loose, European stocks hit record highs on Thursday.

Miners, automakers and retailers led gains on the index – up between 0.7% and 1% in early trading. The British drugmaker’s shares inched up 0.7%. Holland-based technology investor Prosus NV rose 1.6% after it sold 2% of China’s Tencent Holdings Ltd for $14.7 billion in the world’s largest-ever block trade.

The pan-European STOXX 600 rose 0.5% by 0720 GMT, adding to gains made earlier this week when the index erased all of its pandemic-driven losses.

Fed officials remain wary about the ongoing risks of the coronavirus pandemic and are committed to bolstering the economy until its recovery is more secure, minutes of the central bank’s latest policy meeting showed on Wednesday.

Investors broadly looked past news that several European countries had announced restrictions on the use of the AstraZeneca COVID-19 vaccine in younger people, after a link was found to very rare blood clots.

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