European stocks mint fresh record with bond yields under control

Up eight of the past 11 days, the Stoxx Europe 600 SXXP, +0.44% rose 0.3% to 437.84. That puts the index on track to finish at a closing record, above the 437.23 reached only last week.In the latest global fund manager survey from Bank of America, investors said a 10-year yield of 2.1% would trigger a 10% reduction in stocks. The yield on the 10-year Treasury BX:TMUBMUSD10Y was 1.62% on Thursday, ahead of the release of U.S.

Earnings season is under way, and while official results aren’t expected in Europe until next week, some companies are giving preliminary tallies. ABB ABB, +3.47%, the engineering group, rose 3% after saying it had a better-than-expected first quarter, “especially during the last weeks of March, and relates primarily to the short-cycle business. Quarterly demand is likely to have been supported by customer stock-building activities related to both component availability constraints and rising commodity prices in the industry.”

Publicis Groupe PUB, +3.69% rose 3%, as the advertising conglomerate said its organic revenue rose 2.8% in the first quarter and that it will climb as much as 10% in the second quarter. Deutsche Wohnen DWNI, +3.95%, a property company, jumped 6% after the German constitutional court ruled Berlin’s rent freeze was unconstitutional. Adler Real Estate ADL, -0.80% and Vonovia VNA, +0.55% each added 2%.

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