The German share price index DAX graph is pictured at the stock exchange in Frankfurt May 25, 2020. — Reuters picBRUSSELS, April 20 — European shares pulled back today after hitting record highs a day earlier, as tobacco companies weighed on UK stocks and many regional indexes edged off pre-pandemic highs.
The pan-regional STOXX 600 index dropped 0.5 per cent. The benchmark has hit a series of all-time highs this month after having climbed more than 10 per cent so far in 2021, broadly in line with New York’s S&P 500. After bumper earnings reports from US banks last week, investors are awaiting results from mega-cap technology firms, that helped a strong US market recovery last year, but have lagged recently.
Automakers were the only gainers in Europe as BMW’s first-quarter earnings bounced back more strongly than expected, helped by higher prices and strong Chinese demand.Investors also looked past data that showed Britain’s unemployment rate unexpectedly fell for a second month in a row to 4.9 per cent in the December to February period, during which most of the country was under a strict Covid-19 lockdown.
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