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Title: European stocks notch all-time highs on earnings, Xi-Biden talks.

11/16/2021 05:31AM GMT

By: AnalysisWatch

A few European stock files hit record highs on Tuesday, floated by solid corporate profit, mindful remarks from the head of the European Central Bank and signs of easing tensions between the US and China.

The pan-European STOXX 600 rose 0.3%, continuing its record chase, as investors took a key meeting between US President Joe Biden and Chinese leader Xi Jinping as a sign of improvement in strained relations.

Blue-chip indices, including Germany's DAX and France's CAC 40, as well as euro area equities, all rose by about 0.3% to new highs.

The STOXX 600 hit new highs in November as an encouraging earnings season helped investors look past inflationary pressures and a renewed rise in COVID-19 cases across the continent.

Mining stocks, which have heavy exposure to China, rose 0.7% on optimism about talks between China and the US. The telecoms sector was boosted by a 5.3% jump in Vodafone's share price after the company raised its free cash flow forecast for the year.

Dutch tech investor Prosus NV rose 2.6% after forecasting higher earnings for the first half of 2022 as it raised $12.3 billion from the sale of part of its stake in Tencent.

French luxury group Kering was among the top gainers on the CAC 40, rising 2.0 per cent after its top brand Gucci said it expects 2021 sales to be at or above pre-pandemic levels. HSBC upgraded the stock to "buy".

Portuguese food retailer Jeronimo Martins slumped 11% after Asteck, a unit of Heerema Group, sold its entire 5% stake in the company.

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