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The
pan-European STOXX 600 index was flat after hitting an all-time
high at the open, while UK's blue-chip FTSE 100 and Germany's
DAX slipped 0.4% and 0.2%, respectively.
Global sentiment was underpinned by the U.S. Federal Reserve's
pledge to keep its super-easy policy in place even as data
showed the world's largest economy kicking into higher gear.
London equities have outperformed this week, with the
domestically focussed FTSE mid-cap index notching a record high
as Britain gradually emerges from a strict winter lockdown.
"While the UK and US have done relatively well on the
vaccination roll-out, continental Europe has lagged," said
Dhaval Joshi, chief strategist at BCA Research.
"But they will sort it out later this year. You'll see an early
rebound in UK and US economies from Q2 onwards. In continental
Europe, it will be later this year rather than Q2."
European stocks hit a series of all-time highs this week,
despite setbacks on the vaccination front after European
regulators found a potential link between AstraZeneca's COVID-19
vaccine and reports of rare brain blood clots.
Investors will shift their focus to the U.S. earnings season
next week, with profits at S&P 500 companies expected to jump
25% in the first quarter, according to Refinitiv IBES estimate.
Airbus rose 2.9% after the French planemaker reported slightly
higher deliveries in the first quarter.
Holiday company TUI fell 7.3% after it said it was raising 350
million euros ($416.33 million) through an issuance of
convertible bonds to bolster its finances and repay debt.
British American Tobacco dropped 2.2%, among the biggest drags
on STOXX 600, after J.P. Morgan downgraded the stock to
"neutral".
(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak
Dasgupta)
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