European Markets Ride High on Strong Energy Stock Gains Amid Trade Tensions
European stocks climbed on the back of gains in energy stocks spurred by U.S. sanctions on Russia. Despite trade tensions impacting technology exports and causing market uncertainty, corporate earnings showed strength. Key movers included Rentokil, Nokia, and energy giants BP and Shell, while Dassault Systemes faced significant declines.
European markets experienced an uptick as energy stocks saw substantial gains following the U.S. sanctions on Russian oil companies. The STOXX 600 index rose 0.2%, lifted by strong corporate earnings amidst ongoing U.S.-China trade tensions.
The tech sector faced pressure as the U.S. considered export curbs in response to China's rare earth restrictions, with investor sentiment affected by potential renewed trade conflicts. Notably, BP and Shell shares rose by around 3%, contributing to a 2.5% rise in European energy stocks.
Corporate updates highlighted Nokia's impressive quarterly profit, lifting shares by 9.3%. Conversely, Dassault Systemes plummeted 16.3% after lowering its full-year revenue guidance. European defense and luxury sectors posted moderate gains, while travel and leisure stocks struggled.
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