European shares hit record-high; set for weekly gains

European shares hit an all-time high on Friday, with the benchmark set to gain for a fourth straight week, although caution prevailed ahead of a key inflation reading for the eurozone.

The pan-European STOXX 600 index was up 0.2% at 525.65 points by 0713 GMT on Friday, beating its record peak of 525.59 it hit in June.

The benchmark was set to gain 1.3% for the week, set for a four-week winning streak, which would be its longest in more than five months. It was also set to gain for a second straight month, a trend last seen nearly six months ago.

Rate sensitive real-estate stocks' 1.4% jump boost the index on the day, with the European Central Bank set to meet in less than two weeks and the markets expecting a 25 basis point rate cut.

The French benchmark CAC 40 gained 0.3% after its CPI data showed consumer spending grew in August.

Spain's IBEX 35 gained 0.6% higher, after retail sales data showed an uptick of 1% in July.

Eurozone flash consumer prices and Italian inflation readings for August are set to drop at 0900 GMT. ECB board member Kerstin af Jochnick's comments will also be on the radar.

Among the negatives, tech stocks weighed heavily on the index, falling 0.7% after a near 1% in the previous session.

Among individual stocks, Ambu slumped 10.7% after the Danish medical equipment maker reported its third-quarter results.

Germany's Thyssenkrupp lost 1.6% after the chairman and CEO of its steel division decided to step down.

(Reporting by Pranav Kashyap in Bengaluru; Editing by Savio D'Souza)