European Stocks Advance Strongly
European stock markets rallied on Tuesday (June 30th), driven by optimism about the artificial intelligence (AI) sector. This gain put the STOXX 600 index on track for its biggest quarterly gain in more than five years.
The pan-European STOXX 600 index rose 0.6% to 639.77 in early trading. The benchmark index is also poised to post its third consecutive monthly gain, with a gain of around 9.7% so far this quarter. This performance would be its best since October 2020.
The technology sector was the main driver of market strength. Technology stocks rose 1.7% and are poised to post their strongest quarterly gain since October 2001. This increase reflects strong demand for AI infrastructure, which continues to be a major theme in global markets.
Several chip stocks also rallied sharply. ASML rose 3.33%, while STMicroelectronics and Infineon gained 3% and 2.7%, respectively. Siemens Energy shares also surged 5% after the company confirmed that demand for AI-based equipment remains strong.
In addition to AI sentiment, easing tensions in the Middle East also supported European stock markets. Oil prices returning to pre-Iran war levels helped ease concerns about energy costs in the region. In the healthcare sector, Abivax shares surged more than 20% after reporting positive results from a study of its drug obefazimod. (Asd)
Source: Newsmaker.id
