Market Analysis

European shares reached an all-time high on Friday, with the benchmark poised to secure its fourth consecutive weekly gain. However, investors remained cautious ahead of a crucial inflation report for the eurozone.

By 0713 GMT on Friday, the pan-European STOXX 600 index had risen 0.2% to 525.65 points, surpassing its previous record peak of 525.59 set in June.

The benchmark was on track for a 1.3% weekly increase, marking its longest winning streak in over five months. Additionally, it was set to post gains for a second consecutive month, a pattern last seen nearly six months ago.

Real-estate stocks, which are sensitive to interest rate changes, saw a 1.4% surge, bolstering the index. This comes as the European Central Bank is expected to meet in less than two weeks, with market expectations leaning towards a 25 basis point rate cut.

France's CAC 40 index rose by 0.3% after consumer price index (CPI) data revealed an increase in consumer spending for August.

Spain's IBEX 35 climbed 0.6%, following retail sales data showing a 1% increase in July.

The eurozone's flash consumer prices and Italy's inflation figures for August were scheduled to be released at 0900 GMT. Market participants were also keeping an eye on comments from European Central Bank board member Kerstin af Jochnick.

On the downside, technology stocks dragged the index, declining 0.7% after a nearly 1% drop in the previous session.

Among individual stocks, Danish medical equipment manufacturer Ambu plunged 10.7% following its third-quarter results.

Germany's Thyssenkrupp (ETR) fell 1.6% after the chairman and CEO of its steel division announced their decision to step down.

Paraphrasing text from "Reuters" all rights reserved by the original author.