Europe Stocks Extend Push into Six-Year High

By Yomna Yasser On May 13, 2014

Stocks in Europe moved higher Tuesday, with the pan-European benchmark hanging at a six-year high in part as Germany’s ThyssenKrupp AG shares jumped on an improved earnings outlook.

The Stoxx Europe 600 index XX:SXXP +0.19% rose 0.3% to 342.01, and a close above the 342 level would be the first since January 2008, according to FactSet data. On Monday, stocks closed at a more than six-year high of 340.96.

ThyssenKrupp DE:TKA +5.20% shares leapt 4.6% after the German industrial conglomerate raised its yearly earnings outlook. It now expects adjusted earnings before interest and taxes to almost double year-over-year from the previously reported 586 million euros ($372.9 million). The company also swung to a profit for the second quarter.

Also higher were shares of AstraZeneca PLC UK:AZN +0.97% AZN +0.82% , by 0.9% after Pfizer Inc. PFE +0.34% hinted it may raise its bid for the British drug maker. Pfizer in a statement said if AstraZeneca engages in a conversation to provide a better understanding of its business “it may lead to a transaction that AstraZeneca can recommend.”

The rise in AstraZeneca shares helped the U.K.’s FTSE 100 index UK:UKX +0.25% pick up 0.3% at 6,872.97.

Meanwhile, Germany’s DAX 30 index DX:DAX +0.66% rose 0.8% to 9,778.22, and France’s CAC 40 index FR:PX1 +0.20% moved up 0.3% to 6,871.89

Source: Market Watch