European shares inch closer to record high

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 27, 2021. REUTERS/Staff

(Reuters) – European shares inched towards a record high on Friday as investors cheered more stimulus measures in the United States, but fears of an uptick in inflation ahead of key U.S. data kept the gains in check.

The pan-European STOXX 600 index rose 0.3% to 447.69 points in early trade, after notching a record high of 447.86 in the previous session. It was also set for mild weekly gains.

Bank stocks led early gains with a 0.7% rise, while resource stocks added 0.4%, benefiting from higher base metal prices.

Global equities gained on the prospect of more liquidity, after a report said President Joe Biden will seek $6 trillion in federal spending for 2022. Biden is expected to unveil his first full budget later in the day. [MKTS/GLOB]

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