European stocks continued to rally in the new year, with the Stoxx 600 closing at a new all-time high today starring banks and the travel industry as investors remained optimistic that the micron mutation might be less serious than , what was initially estimated.
The pan-European Stoxx 600 index strengthened 0.8% and closed at 494.02 points, setting a new record for the second consecutive session.
The German DAX gained 0.8% to 16,152.61 points, the French CAC 40 strengthened by 1.4% to 7,317.41 points, while the British FTSE 100 jumped 1.6% to 7,505.15 points.
In the region, the Italian FTSE MIB gained 0.8%, while the Spanish IBEX 35 strengthened by 0.4%.
The banking index climbed 3.3% as bond yields on both sides of the Atlantic were boosted by expectations of tighter monetary policy this year to bring inflation under control.
Citigroup is overweight in European banks, citing interest rate hikes, rising profits and return on equity, according to Reuters. Citi put BNP Paribas, Lloyds and UBS in its top picks.
The leisure and travel index jumped 3.5% and climbed to a high of over six weeks. British Ryanair and IAG jumped 8.9% and 11.3% respectively, while Wizz Air jumped 12.2%.
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