European stocks hit a record high on Friday after strong U.S. and China data spurred optimism about a speedy global recovery, while strong results from Germany's Daimler boosted carmakers. The pan-European STOXX 600 index rose 0.3%. Global stocks stood near record highs after data showed China's economic recovery quickened sharply in the first quarter and U.S. retail sales rose by the most in 10 months in March.
US stocks rallied to more record highs while Asian markets open mixed but gain later in the day
The FTSE rose 0.6 per cent to 7,062 points, breaching the 7,000 threshold for the first time since late February last year when the coronavirus swept into Europe, led higher by financials, basic materials and industrial stocks. The move followed strong retail sales and employment figures released in the US on Thursday and record quarterly GDP data from China, which often moves markets despite analysts’ long-held misgivings about the validity of the statistics.