LONDON (Bloomberg): European equities surged to a new record high, fueled by positive earnings reports and investor optimism that global growth is strong enough to weather the impact of the coronavirus.
The Stoxx Europe 600 Index added 0.5%, with cyclical sectors such as oil, mining and banking shares leading the advance.
Earnings drove some of the biggest contributors to gains, with Total SA up 2.9% after fourth-quarter figures beat the highest estimates. Sanofi gained 2% as a key medicine is expected to help boost profit in 2020. UniCredit SpA was up 4.8% as the lender mulled higher investor rewards via buybacks and dividends.
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