European Stocks Near Record Highs As U.S.-Ukraine, AB Inbev Deal Boosts Sentiment
European stocks rose to trade near record highs on Wednesday, as the U.S. and Ukraine agreed terms on a key minerals deal, lifting market sentiment, while strong earnings from beer giant AB InBev also provided support.
The pan-European STOXX 600 index was up 0.5%, as of 0815 GMT. Germany’s blue-chip index jumped 0.8%, outperforming its peers.
The draft minerals deal, which is central to Kyiv’s push to win Washington’s support for a swift end to its war with Russia, says the United States wants Ukraine to be “free, sovereign and secure.” Most sub-indexes on the STOXX 600 gained, led by basic resources, which jumped 1.5%.
Anheuser-Busch InBev (EBR:ABI) (AB InBev) jumped 7.4% after reporting fourth-quarter operating profit that beat analysts’ estimates. The stock lifted the food and beverage index by 1%.
Stellantis (NYSE:STLA) fell 4% after the company reported a 70% drop in full-year net profit. The automaker said it would return to revenue growth and generate positive cash flow by 2025.
Deutsche Telekom (OTC:DTEGY) shares fell 3.6% after its full-year results and 2025 outlook slightly missed analysts’ estimates.
All eyes will be on U.S. chip giant Nvidia’s (NASDAQ:NVDA) quarterly earnings after the bell, with hopes of a stellar result that could calm investors who continue to be skeptical of its massive investment in artificial intelligence.
Source: Investing.com
