European shares scale new record highs on upbeat earnings

By Thomson Reuters Mar 13, 2024 | 3:39 AM

(Reuters) – European shares opened higher to hit another record high on Wednesday, as upbeat corporate updates encouraged market sentiment, while investors awaited industrial production data from the region.

The pan-European STOXX 600 was up 0.1%, by 8:21 GMT, following the benchmark’s all-time closing high on Tuesday.

The retail index gained 3.0% and led sectoral gains, helped by a 16.9% surge in Zalando, after the online fashion retailer reported a fourth quarter profit beat and announced a share buy-back program.

E.ON rose 6.0% after the operator of energy networks raised its five-year investment target to 42 billion euros ($45.90 billion), and provided 2024 profit guidance that beat expectations.

Vallourec climbed 6.6%, after the steelmaker ArcelorMittal announced acquisition of a 28.4% stake in the France-based company for around 955 million euros to increase its exposure in the tubular business.

On the data front, investors awaited figures on euro zone industrial production for the month of January, due 10:00 GMT, for more insights into the region’s economic resilience and the start of the interest rate cut cycle.

($1 = 0.9151 euros)

(Reporting by Khushi Singh in Bengaluru; Editing by Rashmi Aich)