European shares at new highs despite Delta concerns in Asia          

The stock exchange in Frankfurt.

European stocks scaled new highs and clocked their fourth consecutive week of gains on optimism over a strong earnings season and steady recovery from the pandemic-led economic downturn.

The pan-European Stoxx-600 index inched up 0.2% to a record high of 476.16, for the 10th straight session. The index has now matched its best winning streak since December 2006. The index has logged nine-day gaining streaks seven times in the past 15 years.

In Ireland, the Iseq index gains slightly buoyed on the day by gains for AIB, Bank of Ireland, insurers and housebuilder Cairn. Ryanair and Dalata Hotel slipped.               

Germany's Dax index ticked above 16,000 points for the first time ever, France's Cac-40 index index touched its highest level in nearly 21 years, and Italian shares were also trading near their highest since September 2008.

Both European and US stocks hit record levels this week, supported by rising earnings expectations and improving economic data, even as Asian equities were held back by worries about Chinese regulation and the fast-spreading Delta variant. .

"If investors are concerned about rising Delta variant cases globally there's little evidence that it is prompting any undue worry, although markets in Asia have been a little more cautious," said Michael Hewson at CMC Markets UK.

"With equity markets almost doubling since the start of the pandemic and a bull market lasting over a decade, investors are questioning how far the bull market can rally," said Geir Lode at Federated Hermes.