Stocks in Europe were higher on Wednesday, as investor optimism pushed the STOXX 50 up by 0.4%, reaching a fresh high not seen since 2000, and the STOXX 600 added 0.2%, setting a new record level.
European stocks climb to fresh record high
Traders were digesting the latest batch of corporate earnings results, awaiting key inflation data from the US, and monitoring developments surrounding former President Trump’s trade policies, all of which contributed to the market’s cautious yet positive sentiment. The food and beverage sector was the standout performer, buoyed by strong results, while the oil and gas sector lagged, reflecting ongoing concerns over global energy prices.
Heineken up more than 11%
In the corporate sphere, shares of Heineken surged more than 11% after reporting a better-than-expected profit, further bolstering confidence in the food and beverage industry. Its peer, Anheuser-Busch, also saw a solid uptick, gaining around 4.7%. Luxury goods company Kering extended its recent gains, soaring more than 4%, reflecting continued strong demand for high-end products. Banco BPM also saw an increase of nearly 2% following an update to its profit and payout targets, signaling confidence in its financial outlook. On the flip side, shares of Siemens Energy dropped by more than 1%, despite the company recording a record €131 billion order book, reflecting investor concerns over its broader performance or potential challenges in translating strong demand into profitability.
