Europe open: Stoxx rises as DAX hits record high on Adidas results

22nd Jan 2025 08:28

(Sharecast News) - European shares made a strong start on Wednesday as gains continued from the previous two sessions, with Adidas shares in focus after upbeat fourth-quarter results, sending Germany's DAX index to a record high.

The pan-regional Stoxx 600 rose 0.57% to 528.96 points. Britain's FTSE 100 also hit a fresh intra-day record as investors shrugged aside concerns that new US President Donald Trump would hit Europe with new tariffs.

In economic news, Britain's government borrowed £17.8bn in December, up £10.1bn from a year earlier and more than the £14bn forecast by economists.

Adidas jumped 6% on strong holiday period sales and profit. The news helped rival Puma to gain 2.5%. Germany's DAX index outperformed the regional benchmark, rising 1% and hitting a new record of 21,271 before settling back to 21,249.

EasyJet fell despite narrowing losses, while chocolate maker and cocoa processor Barry Callebaut also slumped after reporting lower-than-expected sales volume for the first quarter due to delayed orders as clients renegotiate product prices as cocoa costs hit record highs.

Reporting by Frank Prenesti for Sharecast.com