European stocks close higher as traders shrug off inflation fears; Deutsche Bank down 1.7%
14 Jun 2021 | SET News
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European stocks close higher as traders shrug off inflation fears; Deutsche Bank down 1.7%
European markets climbed to record highs on Friday as traders shrugged off a sharp rise in U.S. inflation, with many strategists believing it to be transitory.
The pan-European Stoxx 600 added 0.7% by the close, notching its sixth consecutive session of gains. All sectors finished in positive territory, led by basic resources which rose 1.9%. For the week, the Stoxx 600 benchmark rose by 1.1%
On Wall Street, U.S. stocks traded higher with the S&P 500 adding to its new record.
Investors have been closely watching inflation figures to gauge whether the U.S. Federal Reserve will begin tapering down its unprecedented monetary stimulus program. However, strategists have suggested there is enough evidence in Thursday’s data to sustain the Fed’s assertions that hotter-than-expected inflation will be transitory.
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