European Shares Rise as Daimler Earnings Lift Automakers

European stocks hit a record high on Friday after strong data in the United States and China sparked optimism about a rapid economic recovery, while carmakers received a boost following better-than-expected earnings for Daimler.

The pan-European STOXX 600 index added 0.1%, and is on track for its seventh straight week of gains.

The German DAX index also gained 0.1%, while the British FTSE 100 index gained 0.4%.

Global stocks are near record highs after data showed that the Chinese economy’s recovery accelerated at a sharp pace in Q1 from a big drop last year, driven by the coronavirus.

German auto and truck maker Daimler gained 2.1% as rising car prices and strong demand in China helped the company achieve a better-than-expected rise in its quarterly operating profit. The index of the broader auto sector rose 1%.

German food delivery company Hello Fresh jumped 5.6% after its preliminary first-quarter results beat expectations, raising the 2021 forecast.

Shares in L’Oréal, the maker of Lancome, fell 1.8% despite another improvement in sales in Q1.