©Reuters. FILE PHOTO: The DAX chart of the German stock index is pictured after reaching a new record at the stock exchange in Frankfurt, Germany, March 13, 2024. REUTERS/staff/file Photo
(Reuters) – European shares opened higher to a new record high on Wednesday, with upbeat company updates boosting market sentiment as investors awaited industrial production data from the region.
The pan-European index rose 0.1%, as of 8.21am GMT, following the benchmark’s all-time closing high on Tuesday.
The retail index gained 3.0% and led sector gains, helped by a 16.9% rise in Zalando, after the online fashion retailer reported a rise in fourth-quarter profits and announced a share buyback program.
E.ON rose 6.0% after the energy network operator raised its five-year investment target to 42 billion euros ($45.90 billion) and gave earnings forecasts for 2024 that topped expectations.
Vallourec rose 6.6% after steelmaker ArcelorMittal (NYSE:) announced it would acquire a 28.4% stake in the French company for around 955 million euros to increase its exposure to the tubular sector .
On the data front, investors await Eurozone industrial production data for January, due at 10:00 GMT, for further insights into the region’s economic resilience and the start of the interest rate cutting cycle .
($1 = 0.9151 euros)