European stock markets closed on an upbeat note, with significant gains leading to new highs in Frankfurt and Paris.
Madrid’s Ibex reached levels not seen since 2007, reflecting optimism driven by encouraging economic indicators and stellar corporate earnings.
Notably, fashion giant H&M’s shares leapt by 15% following a report of strong quarterly results, highlighting the positive market sentiment.
The DAX in Frankfurt increased by 0.49%, hitting a new record of 18,475.06 points. The FTSE 100 in London saw a slight rise of 0.01%, closing at 7,931.98 points.
Meanwhile, the CAC 40 in Paris grew by 0.25%, reaching a new peak at 8,204.81 points, according to preliminary data.
Eurozone economic sentiment improved significantly, moving from 95.5 to 96.3 in March. This rise was higher than expected and contributed to the positive market atmosphere.
The Bank of England acknowledged improved economic conditions since December 2023 but flagged concerns about global financial risks.
H&M’s notable performance, with its stock jumping 15.2% in Stockholm, was a key highlight.
The company reported a strong reception for its spring collections, resulting in increased sales from February.
Under the new leadership of CEO Daniel Ervér, this optimistic beginning of the year attracted investor attention.
The company’s net profit surged to 1.21 billion Swedish krona, significantly up from the previous year, signaling a promising outlook.
Other regional markets followed suit with positive movements. Madrid‘s Ibex 35 rose by 1.09%, while Lisbon’s PSI 20 and Milan’s FTSE MIB also reported gains.
This collective market upswing, fueled by robust economic signals and corporate successes, suggests a buoyant start to the year across Europe.