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European markets advance to new highs; autos rally on Daimler earnings

The pan-European Stoxx 600 gained 0.6% mid-afternoon deals, with autos adding 1.9% on the back of a bumper earnings report from Daimler, as all sectors and major bourses traded in positive territory. The German automaker reported a surge in first-quarter earnings before interest and tax to 5 billion euros ($6 billion), compared to 719 million euros in the first three months of 2020. Daimler shares added 2.9% in early trade and led fellow carmakers higher across the continent. The benchmark 10-year Treasury yield was hovering around 1.5710% on Friday afternoon in Europe. Euro zone inflation ramped up in March, Eurostat confirmed on Friday, with consumer prices across the bloc rising 0.9% month-on-month, driven primarily by services and energy. Finnish retail conglomerate Kesko jumped 4.6% after reporting 16.9% sales growth in March from the same period last year.

Source: CNBC

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