Stocks back near record highs on dovish ECB bets

A revived appetite for riskier assets came as worries that the Delta variant of COVID-19 would seriously crimp economic recovery, eased.index of 600 leading European shares was up 0.6 percent at 456.53 points, back within striking distance of its lifetime high of 461.38 points reached last week.sank 4.4% after it warned that surging commodity costs would squeeze its full-year operating margin, overshadowing solid second-quarter sales growth.

Italian borrowing costs sank to their lowest in over three months ahead of the ECB meeting, whose outcome is due at 1145 GMT, followed by a news conference with its president Christine Lagarde at 1230 GMT. "The markets are caught in a bit of pincer movement between concerns about higher inflation and lower growth and that will continue," CMC's Hewson said.Asia's stock markets headed for their best day in two months on Thursday though growth-sensitive currencies struggled to rally, pointing to nagging doubts about the recovery.was last up 1.2%, its largest daily jump since late May, with markets green from Seoul to Sydney.

Hong Kong led Asia's gains with banks HSBC and Standard Chartered off multi-month lows to lift the Hang Seng by 1.7%. Heavily-indebted Chinese property developer EvergrandeThe Australian and New Zealand dollars were weighed down by lockdowns.

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