European Shares at New Highs Supported by Corporate Results

European stocks rose to new highs, after a series of deals and strong business results from Europe’s largest bank HSBC, while sentiment was also supported by the recovery of Asian stocks.

The pan-European Stoxx 600 index rose 0.8 percent to an all-time high of 465 points in early trading.

British aerospace engineering company Meggitt rose 59.7 percent, to an all-time high, after US maker Parker Hannifin said it would buy its British rival in a deal valued at 6.3 billion pounds ($8.76 billion).

The index of medium-capital companies in Britain jumped 1.5 percent, while the blue-chip index rose one percent.

HSBC, which focuses on Asia, rose 1.4 percent after beating first-half pre-tax earnings expectations and restoring the dividend.

French insurer AXA rose 3.6 percent after it posted a 180 percent increase in net income in the first half of the year, while its biggest rival Allianz fell 2.6 percent after US regulators launched an investigation into Allianz Global Investors’ Alpha Structured funds.