European Stocks Close at Records

2026-07-03 15:36 By Andre Joaquim 1 min. read

European stocks rose to new records on Friday amid an improving macroeconomic backdrop for equities and a bounce for companies with exposure to the speculative AI trade.

The Euro STOXX 50 closed 0.9% higher at 6,417 and the STOXX Europe 600 rose 0.7% to 653.

A session of thinner trading due to the holiday in the US put the spotlight on the tech sector, trimming its losses from a volatile week as investors reconsidered risks that chip producers and AI hyperscalers are overbought.

ASML rose 3.7%, tracking Asian counterparts, and Infineon gained 1.2%.

Meanwhile, companies with participation in data center operation gained with Siemens adding 2.5%and Schneider gaining 1.5%, while utilities Iberdrola and Enel rose 1.5%.

While sovereign yields remained higher in the long end, lower yields for shorter maturities supported banks with BBVA and Deutsche Bank adding 1%.

Gains consolidated as a soft jobs report in the US and inflation report in the Eurozone trimmed rate cut bets by central banks.



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European Stocks Close at Records
European stocks rose to new records on Friday amid an improving macroeconomic backdrop for equities and a bounce for companies with exposure to the speculative AI trade. The Euro STOXX 50 closed 0.9% higher at 6,417 and the STOXX Europe 600 rose 0.7% to 653. A session of thinner trading due to the holiday in the US put the spotlight on the tech sector, trimming its losses from a volatile week as investors reconsidered risks that chip producers and AI hyperscalers are overbought. ASML rose 3.7%, tracking Asian counterparts, and Infineon gained 1.2%. Meanwhile, companies with participation in data center operation gained with Siemens adding 2.5%and Schneider gaining 1.5%, while utilities Iberdrola and Enel rose 1.5%. While sovereign yields remained higher in the long end, lower yields for shorter maturities supported banks with BBVA and Deutsche Bank adding 1%. Gains consolidated as a soft jobs report in the US and inflation report in the Eurozone trimmed rate cut bets by central banks.
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European stocks were in the green on Friday, with both the STOXX 50 and the STOXX 600 gaining 0.5% to reach fresh record levels. The advance tracked the upbeat sentiment across Asian markets after China's services PMI data came in above expectations, while a softer-than-expected US jobs report yesterday helped to ease concerns of an imminent rate hike by the Fed. In Europe, Spain's services PMI also surprised to the upside, pointing to solid expansion in the sector but in Italy growth in services rebounded slightly less than anticipated. Technology, industrials, automakers, and utilities led the gains. Shares of Siemens jumped 1.8% after Kepler Cheuvreux upgraded the stock to 'hold' from 'reduce'. ASML Holding (+1.9%), ABB (+1.8%), Airbus (+1.9%), and Iberdrola (+1.3%) also booked strong gains. In contrast, L'Oreal (-2%) and Kering (-1.9%) were among the worst performers. On the week, the STOXX 50 rose 2.3% and the STOXX 600 added 1.9%, the strongest weekly gain in about a month.
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