European stocks set for strong week, Germany's DAX hits record high

FILE PHOTO: Bull and bear symbols for successful and bad trading are seen in front of the German stock exchange (Deutsche Boerse) as markets react to the coronavirus disease (COVID-19) in Frankfurt, Germany, March 25, 2020. REUTERS/Ralph Orlowski

(Reuters) – European stocks rose on Friday, with Germany’s DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The pan-European STOXX 600 index rose 0.7% by 0810 GMT and was on track for a more than 3% weekly gain, with hopes of more U.S. stimulus boosting economically sensitive sectors such as miners, oil & gas and banks.

Germany’s DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November.

Meanwhile, chipmakers Infineon, AMS and ASM International gained between 2.2% and 4.7% after global peers Micron Technology Inc and Samsung Electronics Co Ltd provided strong earnings reports.

Franco-Italian chipmaker STMicroelectronics rose 4% after its early revenue estimate for the fourth-quarter came in above the previous range.

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