European stocks hit record closing highs as Fed rate cut expectations reignite

European stocks hit a record closing high, buoyed by optimism over strong corporate earnings and renewed expectations for a Fed rate cut. Europe's Stoxx 600 index closed up 1.1%, surpassing the closing high set on March 28th. Shares of UBS and chipmaker Infineon both rose. Janet Mui, head of market analysis at RBC Brewin Dolphin, said a pickup in capital market activity could provide an even bigger boost as the economy emerges from recession and market sentiment generally improves. Weak U.S. jobs data on Friday rekindled investor expectations for about two rate cuts before the end of the year.