European Markets Bounce Back Amid Trade Optimism and Strong Earnings
European shares rose after four sessions of losses, boosted by strong results from ABB and hopes for a U.S.-EU trade deal. The pan-European STOXX 600 index gained 0.8%, with contributions from firms like Siemens and Schneider Electric. Trade discussions between U.S. and EU also attract investor attention.
European shares rallied on Thursday, breaking a four-day losing streak, buoyed by robust quarterly earnings from Switzerland's ABB and increased optimism for a trade deal between the United States and the European Union.
The pan-European STOXX 600 index climbed 0.8% at 0718 GMT. ABB's shares surged by an impressive 8.2% following record quarterly order intake, bolstered by high demand in the U.S. and for products catering to data centers supporting artificial intelligence.
Rival companies like Siemens and Schneider Electric saw their shares rise 3.6% and 5.8% respectively, significantly propping up the European benchmark index. Meanwhile, European semiconductor manufacturers regained some of their previous losses as TSMC, a leader in advanced AI chip production, reported record second-quarter profits. ASML shares also rose 1.7%, recovering from the previous day's 11% decline. Additionally, EU's trade chief Maros Sefcovic traveled to Washington for crucial tariff talks, with investors keenly watching for developments that could prevent potential retaliatory measures.
(With inputs from agencies.)
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