目前投资者已经摆脱了对收紧货币政策担忧。此前数据显示美国7月消费者价格指数(CPI)升势放缓，缓解了人们对美联储即将发出缩减购债计划信号的担忧。Source: Wall Street
The European Stoxx 600 index hit an all-time high for the 10th day in a row on Friday, driven by strong stock market results and optimistic economic expectations.
European stock markets rose to their longest record in 30 years as the economy recovered strongly from the epidemic.
The European Stoxx 600 index edged up 0.18% to an all-time high on Friday, hitting an all-time high for the 10th day in a row, the longest all-time high since at least 1990.
Investors have shrugged off worries about tightening monetary policy. The move comes after data showed that the rise in the US consumer price index (CPI) slowed in July, easing concerns that the Fed was about to signal a tapering of its bond-buying program.
Strong quarterly results from European companies also boosted the market. According to Goldman Sachs Group, quarterly earnings of European companies that have been reported so far this quarter are 11% higher than expected, with more than half of them exceeding analysts' expectations by at least 5%.
Analysts have also raised their earnings forecasts. The market now expects second-quarter earnings for companies in the Stoxx 600 to rise 148.1%, compared with a 104.3% rise at the start of the earnings season.
Goldman Sachs Group analyst Sharon Bell said that the strong performance of European stocks this year has caught up with U. S. stocks. Overall stock market earnings in Europe have taken 11 years to recover since the 2008 financial crisis. This year's revenues of European companies easily surpassed their pre-pandemic peak in 2019.
In terms of sectors, cyclical companies led the rise. Shares of miners and retailers climbed collectively, boosted by strong growth data.
Goldman Sachs Group has raised his 12-month target forecast for the Stoxx 600 to 520 from 480, saying banks, energy and basic resources stocks have "good catch-up trading value".
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