European Stocks Hold 2-Month High
European stocks closed flat on Wednesday to hold a near two-month high hit in the previous session, as a lack of fresh catalysts maintained the prospect that higher government spending in Europe would boost investment among corporate giants.
The STOXX 50 closed flat at 5,455 and the pan-European STOXX 600 was flat at 554. Technology stocks led gains in the session, with Infineon jumping 2.5% after announcing a collaboration with Nvidia to develop a new power delivery architecture for data centers.
Deutsche Telekom, Nokia, ASML and technology holding company Prosus also closed higher. On the other hand, consumer discretionary companies led losses amid lingering doubts about discretionary spending in big Asian consumers this year, with Hermes, LVMH and Kering down more than 2%. Outside the eurozone, Scottish energy giant SSE lost 1.7% after announcing its results and cutting GBP3 billion from its investment plans. (alg)
Source: Trading Economics
