STOXX 600 Index Reaches Record High Amid Energy Stock Surge

The STOXX 600 index reached a record high on Thursday, fueled by a rally in energy stocks amid new U.S. sanctions targeting Russia's energy sector. The index rose 0.37%, closing at 574.43 points.

Energy stocks saw a notable 2.7% increase as crude prices surged 5%. Experts like David Oxley warn that these sanctions could potentially flip the global oil market into a deficit next year, depending on their duration and enforcement.

Elsewhere, corporate earnings reports influenced market movements. Luxury stocks gained, notably Kering, which climbed 8.7%, while travel and leisure stocks dipped. Technology firms faced challenges, with STMicroelectronics and Dassault Systèmes witnessing significant losses due to unmet sales forecasts.