EU Stocks Rise to Record
European stocks closed sharply higher for a third session on Wednesday, supported by strong earnings in the tech sector. The Euro STOXX 50 gained 1% to 6,393 and the STOXX Europe 600 jumped 0.7% to a record high of 663.1. The tech sector extended its rebound from the selloff last week after positive results from CoreWeave in the US, easing the market’s concern that the high levels of debt taken by AI companies could hamper more investment in the area. On top of that, Siemens Energy rose after soaring data center demand lifted its margins in the last quarter, boosting profits and their outlook. AI infrastructure companies received a boost from both, with ASML and Infineon adding 3.2% and 6.4%, respectively. Banks also continued to gain, with Deutsche Bank and ING adding 2% and 1.3%.
European stocks closed sharply higher for a third session on Wednesday, supported by strong earnings in the tech sector. The Euro STOXX 50 gained 1% to 6,393 and the STOXX Europe 600 jumped 0.7% to a record high of 663.1. The tech sector extended its rebound from the selloff last week after positive results from CoreWeave in the US, easing the market’s concern that the high levels of debt taken by AI companies could hamper more investment in the area. On top of that, Siemens Energy rose after soaring data center demand lifted its margins in the last quarter, boosting profits and their outlook.
AI infrastructure companies received a boost from both, with ASML and Infineon adding 3.2% and 6.4%, respectively. Banks also continued to gain, with Deutsche Bank and ING adding 2% and 1.3%.