European Stocks Hit Record High on US-Russia Talks, Earnings
European stocks hit a record amid expectations that talks between the US and Russia will lead to an end of the war in Ukraine, and after upbeat earnings from companies including Nestle SA and Siemens AG.
The Stoxx Europe 600 Index rose 1.09% by the close, advancing for a fourth straight session. Sentiment was boosted by a phone call between US President Donald Trump and Russian President Vladimir Putin, who agreed to start negotiating to end the war in Ukraine. Shares had briefly trimmed gains after Trump said reciprocal tariffs are coming in a post on Truth Social.
Among single stocks, Nestle jumped 6.2% after fourth-quarter revenue growth beat estimates. Siemens shares gained 7.3% on robust demand for the firm’s electrification products.
Automakers outperformed after Reuters reported overnight that US Republican House Speaker Mike Johnson said he believed Trump is considering tariff exemptions that could include the automotive and pharmaceutical industries.
Meanwhile, the FTSE 100 was the worst-performing major European equities benchmark, as oil stocks fell on a lower crude price and a stronger pound weighed on exporters.
Europe’s main regional index is trading at record levels as strong earnings are fueling positive sentiment toward equities, which have outperformed US peers at the start of the year. Still, some skeptics are starting to wonder just how long the hot winning streak for the region is going to last.
Source : Bloomberg
