European Markets Hit New Record
European stock markets strengthened again, reaching a record high during Thursday's trading session. The STOXX 600 index rose approximately 0.4% to the 660 level, having previously closed at record highs for two consecutive sessions.
Market sentiment improved as investors saw a possibility of a peace agreement being reached between the United States and Iran. Developments regarding the reopening of the Strait of Hormuz also helped alleviate concerns over disruptions to global energy supplies.
However, investor attention remained focused on corporate earnings reports. European corporate performance in the second quarter was stronger than anticipated, with STOXX 600 earnings growth projected to reach nearly 21%.
Deutsche Telekom shares surged 5.5% after the company expanded its share buyback program by €3 billion. This move drove a 1.6% gain in the European telecommunications sector.
The food and beverage sector also rose by approximately 1%. Shares of Glanbia climbed 8.4% after the Irish nutrition company reported 7% revenue growth for the first half of the year compared to the previous year.
Investors also remained calm despite a correction in global technology stocks following the artificial intelligence-driven rally. Looking ahead, the market awaits Eurozone retail sales data to gauge the strength of consumer spending and the region's economic trajectory.
Source: Newsmaker.id
