By Anisha Sircar

(Reuters] European shares hovered close to record levels Thursday thanks to strong earnings. But, gains were limited by weakness in commodity-related stock due the declines in metal and oil prices.

Pan-European stocks rose 0.1% with an auto stock record set by Daimler’s 1.3% increase.

Berenberg began coverage of Daimler by clicking “buy”, stating that it expected the newly spun-off Daimler Truck will generate higher returns.

Graham (NYSE:), Secker, European equity strategist said that there is a “gradual creeping money into the European market”. Morgan Stanley (NYSE:).

While gains for the STOXX 600 have been small recently, the benchmark index has risen 17 times over the last 19 sessions, helped by a stronger-than-expected earnings season and an accommodative monetary policy.

Secker explained that although general investor sentiment was too cautious during July, August, September, concerns about U.S. economic slowdowns and earnings season have started to improve, this is allowing stocks to rise.

SMI in Switzerland was at an all-time high of 40 and SMI in Switzerland were both reached during this session.

The index’s biggest problem was oil stocks, which fell 1.1% following a plunge in crude prices and fears of an oversupply. [O/R]

The miners fell 0.6% after London prices dropped to their lowest level in over a year. [MET/L]

The latest Refinitiv data suggests that the profits of listed companies on STOXX 600 should rise to 60.4%, to 103.6 Billion Euros ($117.2 Billiom), a decrease from last week’s 60% estimate.

Analysts at Swiss bank UBS noted that the Eurozone had seen greater earnings increases than other regions and they forecast 60% earnings growth in this year’s financial year.

Thyssenkrupp, a submarines to-steel company (DE:), saw its profit more than double in the next year. It also indicated that it might take its hydrogen unit public.

Playtech (LON) gained 4.1% in the wake of a JKO Play Ltd bid. The firm is co-owned former F1 boss Eddie Jordan. JKO Joins the slew of bidders that have been made for British-based online gambling software developers.

German car supplier Continental fell 4.4% following the retirement of its chief finance officer after a probe into illegal diesel engine defeat devices.