European stocks are currently hitting their highest levels since 2008.
The Eurostoxx 50, an index that covers the 50 biggest and most traded public companies in the eurozone, is up 0.90% today. It’s up 10% on this time last year, and up nearly a third in the last two years.
Here’s how it looks:
Eurozone GDP data is rolling out this morning, and it’s either beating or matching expectations. Germany surged out of the gates, with growth of 0.7% in Q4. That’s twice as fast as was expected.
These signs that Europe might be getting into a modest recovery are combined with the bigger-than-expected QE programme launched by the ECB’s Mario Draghi at the end of January, so there’s a pretty favourable climate for eurozone stocks right now.
Here’s how the Eurostoxx 50 looks over a longer time frame: