European stocks pushed further into record territory at the opening on Monday as the pound moved above $1.40 on hopes of holiday travel and reopening of economies.
The pan-European Stoxx 600 index rose 0.06%. Britain’s FTSE 100 outperformed to be 0.16% higher despite the fact that the export-heavy index normally falls when the pound rises. Investors were waiting on the next phase of reopening from the Covid-19 lockdown.
“Reports that the UK government is pushing ahead with its lockdown-easing plan – regardless of concerns over the Indian Covid-19 variants currently circulating – and, in some areas, surging – gave the pound a shot in the arm,” said Spreadex analyst Connor Campbell.
From May 17 up to six people, or two households, will be able to meet indoors, while cinemas, restaurants, pubs and will be permitted to have patrons mix inside.
In equity news, UK food-on-the-go chain Greggs topped the Stoxx, up almost 8% as the company said annual profit could be similar to 2019 and was likely to materially beat its expectations after sales returned to growth following the relaxation of Covid-19 restrictions.
Shares in Polymer maker Victrex rose as the company reported a decline in interim profit as its medical division dragged on revenue, but still declared a dividend.
