European Shares Rise to New Highs

European shares recorded record highs on Wednesday, as positive results for companies’ business in the recent period and the rise in metal prices offset the impact of the decline in oil sector shares.

The European Stoxx 600 index rose 0.2% by 0824 GMT, while global stocks settled at record heights in anticipation of the Federal Reserve (the US central bank) reducing stimulus measures related to the Coronavirus pandemic.

Shares of BMW, the German automaker, rose 0.7 percent after it announced a rise in its quarterly profit, although it had repeated its warning of the global chip crisis.

Shares of German airline Lufthansa rose 5.2 percent after returning to profit for the first time since the pandemic.

Mining stocks led losses on the index, down 1.8 percent, as crude prices fell after data from the oil sector indicated a significant increase in crude stocks and distillates in the United States, the world’s largest oil consumer, and with increasing pressure on OPEC to increase production.