European Stocks Extend Seven-Year High as German DAX Tops 12,000

PT BEST PROFIT FUTURES – European stocks extended their gains, with German equities reaching a fresh record.

The Stoxx Europe 600 Index advanced 0.9 percent to 400.18 at the close of trading in London, with automakers leading the gain. Germany’s DAX Index rallied 2.2 percent, surpassing 12,000 for the first time. The Swiss Market Index rose 0.9 percent, regaining the losses since the country’s central bank removed its cap against the euro.

The European Central Bank starting its quantitative-easing program helped push the Stoxx 600 up for a sixth straight week. The gauge closed on Monday at its highest level since June 2007 and 1.3 percent away from a record reached in 2000.

The DAX has rallied 24 percent this year, with K+S AG and Merck KGaA leading the gains on Monday. Switzerland’s SMI has advanced 17 percent from a low in January. Swiss National Bank officials are preparing their first economic forecasts to assess the impact of that move, and President Thomas Jordan will give their outlook on March 19.

Stoxx 600 carmakers climbed more than 2.2 percent, with Volkswagen AG and Daimler AG rising more than 2.8 percent.

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Source : Bloomberg

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