European Stocks Close Higher
European stocks closed sharply higher on Thursday, tracking the recovery in major equity markets worldwide after strong earnings for Nvidia alleviated concerns that high valuations for tech stocks were unwarranted.
The chip giant beat Wall Street's earnings estimates and stated it does not see a bubble in AI services and infrastructure equities, triggering a rebound in risk sentiment. European firms with exposure to datacenter infrastructure booked sharp gains, with Siemens, Schneider, and ASML closing higher. In the meantime, BNP Paribas led the session for banks after it announced a new buyback plan and increased its CET1 ratio target to 13% by 2027.
On the other hand, Novartis dropped 2% despite increasing sales targets for to major cancer drugs.
Source : Tradingeconomics.com