European shares hit record high on resources boost, risk appetite

The basic resources sub-index led sectoral gains with a 2.7% jump as prices of most metals climbed after the U.S. Federal Reserve maintained its projection of three rate cuts for this year, while gold prices soared to a .

Technology and rate-sensitive real estate shares advanced 2.1% and 1.7%, respectively, as risk appetite ramped up following the Fed's outlook.

Investors await flash reading of business activity in the month of March for the euro zone and the United States due later in the day, which could offer potential clues into the central banks' interest rate-cut cycle.

In corporate updates, Next retained its outlook for sales and profit in the current year after reporting a slightly better-than-expected rise in annual profit. Shares of the clothing retailer added 4%.