On Monday, European stocks are approaching all-time highs on hopes for speedy global economic recovery.
Thus, the STOXX Europe 600 has gained 0.13% since the beginning of the trading session. It followed suit of the Asia-Pacific market as investors were inspired by the rapid recovery of the global economy from the COVID-19 pandemic led by the United States.
As a reminder, the STOXX Europe 600 lagged behind its American counterpart due to new lockdowns and a slow pace of the vaccine rollout in the last six months
The DAX increased by 0.21%. On top of that, Chinese industrial companies reaped substantial profits in January-February 2021 which is a clear proof of the country's industrial sector recovery.
Meanwhile, Credit Suisse shares slid after a warning of a significant loss from a US-based hedge fund defaulted on margin calls.
Shares of the Swiss company plunged by 11.5%, following the announcement that the unnamed hedge fund defaulted on margin calls. At the same time, Credit Suisse refrained from assessing the exact size of the loss but agreed that it could be highly significant and material to their first quarter results.
On Friday, US stocks closed sharply higher amid hopes for a rapid economic recovery.
The chief reason for a spike were assets of companies that are to benefit considerably from the economic recovery and lifting of COVID-19 restrictions.
At the end of last week, US banks' shares grew sharply following the Fed's announcement to lift restrictions on share buybacks and dividend payments for most US banks after June 30.
Consumer confidence in the US climbed to 84.9 from 76.8 in February, the level unseen since March last year.
According to the US Department of Commerce report, personal income in the country plunged by 7.1% in February. It was the biggest fall on record reflecting a decrease in government social benefits to persons. Meanwhile, personal spending declined by 1.0% in February, reflecting the largest drop since April 2020.
The Dow Jones Industrial Average gained 1.39% to 33072.88 on Friday. The S&P 500 surged by 1.66% to 3974.54. The NASDAQ Composite increased by 1.24% to 13138.72.
In terms of weekly results, the Dow Jones added 1.4%, while the S&P 500 soared by 1.6%. The NASDAQ Composite lost 0.6%.
Norwegian Cruise Line Holdings Ltd. shares grew by 3%, showing a strong rise for two consecutive sessions. Carnival Corp. shares climbed 0.8%.
Shares of United Airlines Holdings, American Airlines Group Inc., and Delta Air Lines Inc. surged by 1.4%, 0.7%, and 1.4% respectively.
Shares of JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Co. skyrocketed by 1.7%, 2.7%, and 1.2% accordingly.
L Brands Inc. gained 3.65% amid an increase in sales and improved earnings forecasts.