Following on from a record close on the Dow, equities across Europe are pushing higher, boosted by the prospect of a strong economic recovery in the US. The mood in the market is upbeat, surprisingly so given the third wave of covid which is sweeping across the old continent.
Eurozone economic sentiment and French consumer confidence both came in significantly ahead of expectations, with the latter hitting its highest level since December.
Eurozone economic sentiment recorded 101 in March, up from 93.4 in February and ahead of the 96 expected.
The data, in line with the rising equities, point to market participants looking past the near term covid headwinds, instead, focusing on the prospect of the economies reopening. The market is in glass half full mode with regards to covid. Even as cases continue to rise in the region and prospects of more curbs are on the table, market sentiment is buoyant, evident by the Dax hitting a fresh all-time high.
The fallout from the Archegos margin call appears to be contained, with banks across Europe once again on the rise after experiencing steep declines in the previous session.