Reuters

European stocks hold firm near record highs

UK markets were closed for a bank holiday, while Germany’s DAX and France’s CAC 40 were up about 0.1% in morning trading. Risky assets including equities remained supported after U.S. Federal Reserve Chairman Jerome Powell on Friday explained why there is no rush to tighten monetary policy, and offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year.” “For equity markets, the gradual process is positive, because it is clear the Fed wants to continue to support the economy for as long as needed to achieve a full recovery,” said Willem Sels, chief investment officer of private banking and wealth management at HSBC.

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