European stocks hit new records

London - The British and German stock markets hit record peaks Monday on hopes that eurozone quantitative easing (QE) stimulus, due to be outlined later this week, will bolster economic growth.

Investor sentiment was also given a shot in the arm after China cut interest rates over the weekend for the second time since November.

London's benchmark FTSE 100 index reached 6 974.26 points in morning trade, its highest intra-day level on record. Nearing midday, it stood at 6 948.9 points, up 0.03% from Friday's closing level.