European Shares Rebound Amid Industrial Gains
European stock markets rebounded on Thursday, with the pan-European STOXX 600 index rising 1%. Boosts came from positive earnings reports from industrial giants ABB and Legrand, driving their stock up significantly. Meanwhile, investors closely monitor U.S.-EU trade talks and other global economic developments impacting market sentiment.
European shares made a recovery on Thursday with a notable increase in the pan-European STOXX 600 index, which closed 1% higher. This rebound came as industrial powerhouses, ABB and Legrand, reported positive earnings, boosting investor confidence significantly.
ABB reported its highest-ever quarterly order intake, largely due to demand for products used in data centers supporting artificial intelligence, leading to a stock surge of almost 10%. Similarly, Legrand's stocks rose by nearly 9% after increasing its annual sales target, citing substantial growth in the North American data center market.
Investors are also keeping a close eye on the pending U.S.-EU trade talks. While markets remain optimistic about progress, there is a cautious anticipation of potential retaliatory measures should negotiations fall through. Additionally, a recent treaty between Britain and Germany is a sign of strengthening ties amidst ongoing economic uncertainties.
(With inputs from agencies.)
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