European stocks set for strong week, Germany's DAX hits record high

By MG News | January 08, 2021 at 01:32 PM GMT+05:00

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January 8, 2021: European stocks rose on Friday, with Germany's DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The pan-European STOXX 600 index rose 0.7% by 0810 GMT and was on track for a more than 3% weekly gain, with hopes of more U.S. stimulus boosting economically sensitive sectors such as miners, oil & gas, and banks.

Germany's DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November.

Meanwhile, chipmakers Infineon, AMS, and ASM International gained between 2.2% and 4.7% after global peers Micron Technology Inc and Samsung Electronics Co Ltd provided strong earnings reports.

Franco-Italian chipmaker STMicroelectronics rose 4% after its early revenue estimate for the fourth-quarter came in above the previous range.

Reuters

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KSE100	120,023.24 136.80M	0.02% 20.65
ALLSHR	74,956.95 415.25M	0.09% 64.82
KSE30	36,533.23 44.37M	0.25% 91.50
KMI30	177,648.07 53.46M	0.48% 854.02
KMIALLSHR	51,412.96 224.87M	0.22% 113.15
BKTi	30,161.85 6.28M	0.10% 29.54
OGTi	27,008.50 5.66M	0.59% 157.59

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	101,365.00	101,705.00 99,090.00	-2055.00 -1.99%
BRENT CRUDE	78.31	81.40 78.18	1.30 1.69%
RICHARDS BAY COAL MONTHLY	88.00	0.00 0.00	-3.70 -4.03%
ROTTERDAM COAL MONTHLY	103.85	0.00 0.00	0.10 0.10%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	75.13	78.40 75.00	1.29 1.75%
SUGAR #11 WORLD	16.53	16.73 16.44	0.22 1.35%