Economic recovery hopes power European shares to record high By Reuters

Economic recovery hopes power European shares to record high By Reuters

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 11, 2021. REUTERS/Staff

(Reuters) – European shares hit a record high on Monday (NASDAQ:) as investors bet on global central banks sticking to an accommodative stance on monetary policy even as the post-pandemic economic recovery gathers pace.

The pan-European was up 0.5% by 0704 GMT after ending Friday with its fourth consecutive weekly gain. and the UK’s led gains on regional bourses.

After the European Central Bank last week stood pat on monetary policy, all eyes this week will be on the U.S. Federal Reserve’s two-day policy meeting for signs it could start tapering its massive stimulus programme sooner than expected.

In company news, Dutch medical equipment company Philips fell 3.4% to the bottom of the STOXX 600 as it said it would recall some “CPAP” breathing devices and ventilators globally because of a foam part that might degrade and become toxic.

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