European Stocks Hold Near Records as Tech Regains Momentum
The Stoxx 50 is flat to slightly higher and near record levels, while the Stoxx 600 is little changed as investors weigh US-Iran tensions, cooling US inflation and renewed interest in AI stocks.
The Stoxx 50 traded flat to slightly higher on Friday, remaining close to record levels and heading for a fourth consecutive weekly gain.
The Stoxx 600 was also little changed but was on track for a modest weekly decline.
Investors assessed stalled efforts to end the US-Iran conflict, with traffic through the Strait of Hormuz still limited.
On the other hand, sentiment was supported by renewed interest in artificial intelligence stocks and cooling US inflation, which strengthened expectations that the Federal Reserve will refrain from raising interest rates next month.
Most major stocks traded lower, including ASML Holding, HSBC, Novartis and Roche, which fell between 0.2% and 0.9%.
In contrast, technology stocks regained momentum after last month’s selloff, supported by strong earnings from major companies.
SAP rose nearly 5%, while Amadeus IT gained more than 2%.
Shell also advanced over 0.5% as oil prices moved higher.