(Reuters)-European equities on Monday were close to record highs as commodity stocks fell, triggered by weak Chinese export data, offset another rise in automakers.
Miners fell 0.9% as prices fell after fears that demand for precious metals would weaken as China’s export growth slowed more than expected. [MET/L]
Oil and gas inventories fell 0.3% as oil prices fell ahead of this week’s negotiations between Iran and the world’s largest powers on nuclear trade, which is expected to increase oil supplies. [O/R]
The continent-wide index was flat after a new peak in morning trading. Investors around the world have been in a cautious mood ahead of the US inflation data and European Central Bank meeting later this week.
Global equities are fixed near highs as major countries resume from the blockade of the coronavirus, but there are concerns that the economic recovery may not be as fast as expected and signs of accelerated inflation. It is slowing the pace of the rise.
The data showed that domestic demand fell and German industrial orders fell unexpectedly in April as supply chain turmoil restrained manufacturers.
“The important thing is that these are all temporary and the recovery of German industry will continue, not necessarily in a straight line,” said Karsten Breski, global macro director of the Dutch bank ING. Pointed out.
In the bright spot, the European Automobile and Parts Index recorded its highest since March 2015, up 5.3% from last week.
Italian lender UniCredit (MI :) rose 2.6% after Jeffreys (NYSE :) raised shares from “hold” to “buy”.
Eurozone banks generally rose as government yields remained close to their monthly lows ahead of Thursday’s ECB meeting, where policymakers are expected to stick to dovish policy stance. [GVD/EUR]
French voucher and card provider Edenred (PA :) After 2.7% increase Deutsche Bank (DE :) Upgraded shares to “buy”.
UK listed miner Anglo American (LON :) fell 2.5% after completing a spin-off of the Thungela thermal coal business.
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European equities have remained close to record highs.Commodity Stock Weight Reuters
https://www.investing.com/news/stock-market-news/commodity-shares-knock-europe-off-record-highs-2524684 European equities have remained close to record highs.Commodity Stock Weight Reuters