European Shares Near a Record High

European shares approached record highs Friday, June 25, as construction-related shares tracked a jump on Wall Street on the back of a bill on infrastructure spending, while Credit Suisse rose after Reuters reported that the bank is considering a possible merger with UBS.

Shares of the scandal-hit Swiss bank surged 2% and were among the top gainers on the Stoxx600 as a report said Credit Suisse’s management was under pressure to come up with a reform plan. UBS shares fell 0.1%.

The pan-European Stoxx600 Index added 0.1% and heads to end a volatile week modestly higher, led by construction-related stocks following a jump in the US infrastructure sector as US President Joe Biden reached an agreement with members of the Republican and Democratic parties on infrastructure.

German stocks steadied even after a report showed that German consumer sentiment improved better than expected ahead of July.