Odaily: European stocks rose, approaching record highs, as broadly lower oil prices and renewed market enthusiasm for AI trades lifted investor sentiment. Mining stocks led gains, boosted by factors including broadly lower oil prices and a weaker dollar. Tech stocks also advanced, with AI computing service provider CoreWeave Inc. giving an optimistic business outlook and market expectations growing for an IPO by AI company Anthropic PBC. Among individual stocks, Siemens Energy rose 6.5% after the company said that, driven by surging demand for gas turbines and grid equipment, its profit margin could rise to as high as 22% by 2030, with related demand growth having already more than doubled the company's earnings last year.
During the market turbulence of the past week, European stocks were relative beneficiaries. Since the U.S. midterm elections last Wednesday, the pan-European STOXX 600 index has risen 2%, while the S&P 500 has fallen 0.6%. Roger Lee, head of equity strategy at Cavendish, said that after the midterm elections, some skepticism about AI in the market intensified, prompting a reversal in some capital flows, from which non-U.S. markets benefited. (Jinshi)
