LONDON: European stock markets shot to record highs Friday as a weaker single currency boosted companies’ exports from the eurozone.

London’s benchmark FTSE 100 index shot up 1.06pc on the day to close at 7,089.77 points, having risen as high as 7,095.36 during the session. Frankfurt’s DAX 30 index jumped 1.71pc to 12,374.37 points. The CAC 40 in Paris rose 0.6pc to 5,240.46 points, a seven-year high.

In foreign exchange, the European single currency slid to $1.0606 from $1.0659 late in New York on Thursday.

A weaker euro makes eurozone exports cheaper for buyers outside of the single currency bloc.

The dollar has fought back against the euro in recent weeks as markets bet on rises to US interest rates later this year despite a clouded outlook.

The US central bank’s last policy meeting showed a split over when interest rates should again start rising in the world’s biggest economy.

Published in Dawn, April 11th, 2015

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