European stocks hit a new record high thanks to positive business results

European stocks began trading on Wednesday on an upward note, hitting an unprecedented record level, as positive results for a number of companies spread an air of optimism in the market at a time when investors are awaiting industrial production data.

According to Reuters, the European Stoxx 600 index rose 0.1% by 8:21 GMT, after achieving the highest closing level ever on Tuesday.

The sub-index for retail companies rose 3.0%, being the best performer among various sectors, supported by a 16.9% rise in Zalando shares after the online fashion retailer announced profits in the fourth quarter and a share buyback program.

EON shares rose 6 percent after the energy grid operator raised its investment target to 42 billion euros ($45.90 billion) over five years, and provided better-than-expected estimates of profits in 2024.

Valorac shares jumped 6.6 percent after steelmaker ArcelorMittal announced its acquisition of a 28.4% stake in Valorac, which is headquartered in France, for about 955 million euros to increase its exposure in the pipe sector.

On the data front, investors are awaiting industrial production data in the euro zone for January, scheduled to be released at 10:00 GMT, in search of more indicators about the strength of the economy in the region and the possible date for the start of the cycle of reducing interest rates.