European Stocks Extend Strong Momentum
European stocks closed higher on Thursday, extending the positive momentum from the week as markets assessed the latest earnings results and how European businesses will be impacted by policy pivots from US President Trump.
The Eurozone’s STOXX 50 advanced by 0.3% to close at 5,220, its highest since early 2,000, and the pan-European STOXX 600 jumped 0.5% to close at a record-high 530. The US President reiterated previous pledges of lower taxes, tariffs, and higher energy output, but refrained from confirming earlier threats of trade barriers against the EU.
Banks led the gains in the Eurozone, with Santander, UniCredit, BBVA, and ING adding over 2%. Industrial giants also jumped, with Safran soaring over 2% following strong results from GE in the US. On the other hand, ASML tanked over 4% on the underwhelming results from SK Hynix during the Asian session and the Dutch Prime Minister’s note that Trump is likely to pressure the Netherlands to restrict exports to China.
Source: Trading Economics