The pan-European STOXX 600 index was up 0.3%, although it was pinned near a three-month low, after declining in the previous two sessions
Europe’s STOXX 600 gained on Thursday, led by energy and technology stocks, buoyed by broadly upbeat earnings across sectors.
The pan-European STOXX 600 index was up 0.3%, although it was pinned near a three-month low, after declining in the previous two sessions.
Telecom was among the top five major gainers in the sub-sectors, gaining 0.9%, while heavyweight energy stocks added 1%.
Deutsche Telekom rose 2.8% after Europe’s largest telecoms group by market cap raised its full-year core profit forecast and marginally beat third-quarter core profit expectations.
ASML added 4.4% after Europe’s largest tech company said it expects sales to grow by 8%-14% over the coming five years, boosting the tech sub-sector 1.4%.
Minutes from the ECB’s October policy meeting, where it had cut rates as expected, along with figures of euro-zone third-quarter employment and GDP are due later in the day.
Minutes could include a few dovish hints, although markets may still want to see more evidence of a slowdown in data (such as PMIs) or a lower inflation figure before pricing in a 50 basis point cut in December, ING strategists said in a note.
Recent euro-zone data showed inflation is on track to reach the European Central Bank’s 2% goal, its Vice-President Luis de Guindos said.
Despite Thursday’s gains, the STOXX 600 index was yet to rise above last week’s levels, when European equities were rocked after Donald Trump’s sweeping victory in the U.S. presidential election.
The likelihood of tariffs by the Trump administration has kept European investors on edge.
Later in the day, comments from ECB President Christine Lagarde and Fed Chair Jerome Powell would be on investors’ radar.
