European stocks extend record-setting rally on growing optimism for global recovery

European stocks extend record-setting rally on growing optimism for global recovery

European stocks set their fresh record high on Monday trade on a growing optimistic outlook amid the reopening of major economies.

The pan-European STOXX 600 index added 0.1%, reaching a fresh all-time high in early trading, with miners rallying 2.2% on the back of strong metal prices.

The FTSE 100 in the U.K., a commodity-heavy stock, managed to gain 0.2% despite a surge in the pound. British Prime Minister Boris Johnson is set to announce the next phase of reopening from the coronavirus restrictions.

On the losing end, British Airways-owner IAG, EasyJet, and Wizz Air dropped between 1.5% and 3.4% after Britain allowed international travel to resume from May 17, but just 12 countries made the so-called “green list”.

Meanwhile, German biotech company BioNTech jumped 10.8% after announcing its plans to build a new manufacturing site for its vaccines based on messenger RNA technology (mRNA) in Singapore.

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