Europe’s Stoxx 600 hovers near all-time high; tech lags
The pan-European Stoxx 600 index rises 0.7% to 661.99 points by 0905 GMT
The European Stoxx 600 index edged closer to an all-time high on Thursday, climbing 0.7% to 661.99 points by 0905 GMT. Mining stocks drove the rally, with the benchmark falling shy of a record high. Major regional indices also appreciated, with Spain's IBEX surging 1.7%. Basic resources, including ArcelorMittal, rallied 2% after the steel giant exceeded profit expectations.
Investors were buoyed by a Democratic victory in the US midterm elections, Donald Trump's concession, and hopes for accelerated Iran conflict resolution. However, tech shares lagged, with concerns over potential regulation of AI data centres dampening sentiment. Chip stocks saw a notable decline, while software companies showed marginal gains.
Corporate earnings reports added to the market sentiment, with Rheinmetall dropping 16.5% and Aker BP falling 11.2%.
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