European shares clinch longest win streak since 2019 as recovery optimism flourishes
European shares extended its winning streak to eight, their longest winning streak since 2019. This was due to the growing optimism for global economic recovery among investors, lifting industrial stocks and technology shares tracking an overnight jump in their U.S. peers.
The pan-European STOXX 600 gained 0.4% in its longest winning streak in more than two years. The streak was made possible as investors rode on global central banks’ accommodative monetary policy stance.
Investors shift their focus on the Federal Reserve’s two-day policy meeting starting Tuesday, where they will be getting hints on whether the central bank has begun discussing tapering bond purchases and if policymakers are concerned about rising inflation.
European industrial stocks added 0.9%, while technology shares improved about 1% after the tech-heavy Nasdaq ended Monday at a record high.