European stocks notch all-time highs on earnings, Xi-Biden boost

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 15, 2021. REUTERS/Staff

(Reuters) – Several European indexes hit record highs on Tuesday, boosted by signs of easing U.S.-China tensions, strong earnings, and dovish statements from the European Central Bank chief.

The pan-European STOXX 600 rose 0.1% by 0829 GMT, adding to a recent string of record gains, as a key meeting between U.S. President Joe Biden and Chinese leader Xi Jinping saw both sides signalling a stabilization in the fraught relationship. [MKTS/GLOB]

Blue-chip indexes, including Germany’s DAX and France’s CAC 40, as well as euro zone shares also notched peaks.

Mining stocks, which have a large exposure to China, climbed 0.5% in early trading, while telecom stocks were boosted by Vodafone’s 4.6% gain after quarterly results.

Dutch tech investor Prosus NV rose 1.6% after forecasting higher profit for the first half of 2022 as it gained proceeds to the tune of $12.3 billion from selling part of its stake in Tencent.

ECB President Christine Lagarde on Monday reiterated her pushback against market bets for tighter monetary policy.

Investors now eye a batch of data, including euro area GDP figures, and a speech by Lagarde due later in the day.

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