European stocks inched toward record levels on Wednesday, helped by energy and consumer stocks, while strong economic data from US and Europe buoyed investor sentiment. The pan-European STOXX 600 index rose 0.4pc in early trading, after touching a record high in the previous session. Oil and gas stocks rose 1.1pc to lead sectoral gains in Europe as crude prices extended gains after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July. Swedish truckmaker Volvo rose 2.7pc as its board is proposing that the proceeds from the sale of UD Trucks be distributed to shareholders. Danish luxury TV and stereo maker Bang & Olufsen jumped 11.9pc after providing an upbeat earnings forecast for full-year.

Source: Irish Independent June 02, 2021 07:18 UTC