A trader uses a telephone while he works at the Frankfurt Stock Exchange. The DAX 30 closed up 0.5% at a record high of 9,754.43 points yesterday.

Dow Jones/London

European equities advanced yesterday, with a climb in Germany’s ThyssenKrupp AG among those guiding key benchmarks to multiyear and record highs.

The pan-European Stoxx Europe 600 index tacked on 0.3% to end at 341.89, marking its best closing level since early January 2008, FactSet data showed.

ThyssenKrupp shares were among the session’s best performers, leaping 4.2% after the German industrial conglomerate raised its yearly earnings outlook. It now expects adjusted earnings before interest and taxes to almost double year-over-year from the previously reported €586mn ($803.17mn). The higher forecast came after the company swung to a profit of €271mn for the second quarter.

ThyssenKrupp topped advancers on Germany’s DAX 30 index, which closed up 0.5% at a record high of 9,754.43.

A recent “revival” in German stocks has been supported by easing anxiety among investors about the conflict between Ukraine and Russia, and by “solid” activity data from Europe’s largest economy, said analysts at Barclays yesterday. Weakness in the euro, “triggered by last week’s signal of potential (European Central Bank) rate cuts, has provided a boost for Germany’s export-heavy equity index,” Barclays added.

The euro fell to its lowest level since April against the dollar on Tuesday after the widely watched ZEW consumer confidence survey showed economic expectations for Germany fell to their lowest level in more than a year. The euro bought $1.3704 yesterday, less than $1.3758 late Monday.

The ZEW reading “was consistent with recent anecdotal data suggesting many German businesses and investors think this is the best it gets and that going forward, conditions will deteriorate,” said Brown Brothers Harriman currency analysts led by Marc Chandler, in a note.

The single currency extended losses following a report by The Wall Street Journal that Germany’s central bank was ready to support “significant” policy easing measures by the European Central Bank in an effort to keep inflation from moving too much lower.

Also closing higher Tuesday was AstraZeneca, which climbed 0.7% after Pfizer PFE +0.17% hinted it may raise its bid for the British drug maker. Pfizer in a statement said if AstraZeneca engaged in a conversation, that would provide a better understanding of Pfizer’s business which “may lead to a transaction that AstraZeneca can recommend.”

Chief executives of both companies faced UK lawmakers yesterday about the proposed deal, which AstraZeneca has already rebuffed. Read: 5 things to know about the Pfizer-AstraZeneca battle.

AstraZeneca shares helped the UK’s FTSE 100 index pick up 0.3% to finish at 6,873.08. The index neared its all-time high of 6,930.20 set on December 30, 1999, according to Dow Jones figures.

Taylor Wimpey nearly topped the Stoxx 600 index after the home builder issued new financial targets, crediting strength in UK housing prices and the pace of sales as reasons for the moves. Its shares climbed 7.6%.

In Paris, France’s CAC 40 index rose 0.3% to 4,505.02.