European stocks extend gains to fresh highs

Both the STOXX 50 and the STOXX 600 were up 0.3% and hit fresh record highs on Friday, driven by strength in basic resources and banking shares, while ongoing optimism around AI continued to support global sentiment.

Higher base metal prices boosted miners, with Glencore up 0.7% and Anglo American gaining 1.6%.

Banks also outperformed after the FT reported that the EU is preparing to lift sanctions on assets linked to Russian oligarch Oleg Deripaska to compensate Raiffeisen Bank International for damages paid in Russia.

Shares of Banco Santander (+1.4%), Intesa Sanpaolo (+0.8%), BNP Paribas (+1.6%), and BBVA (+1.5%) advanced.

Sentiment was further underpinned by fresh industry alliances—Hitachi teaming up with OpenAI and Fujitsu partnering with Nvidia.

The tech sector however, struggled to hold onto gains after a strong rally in the previous session. For the week, the STOXX 50 is up 1.5%, while the STOXX 600 has gained 2.4%, marking its strongest weekly performance since April.