European Shares Set For Fourth Week of Gains

European shares hit new highs on Friday, August 13th, and are on track to achieve gains for the fourth consecutive week, thanks to optimism about a strong corporate earnings season and a steady recovery from the economic downturn caused by the pandemic.

The pan-European Stoxx 600 index rose 0.1%, to a record high for the tenth consecutive session.

The retail, travel, and leisure sectors were the main gainers.

Adidas shares rose 1.8% after the company said it was selling Reebok to Authentic Brands Group for 2.1 billion euros.