Europe's STOXX 600 closes on record high due to earnings boost. ECB shifts focus
Investors assessed corporate earnings and reports about a possible leadership change at the European Central Bank.
All major regional benchmarks finished in positive territory. The pan-European Index closed 1.2% higher at 628.69.
The defence sector rose 2.9%. BAE Systems added about 4%, after reporting an increase in operating profit that was better than expected, and as global demand increased its order backlog, which reached a record of 83.6 billion pounds ($113.50billion).
Sector gains momentum after abrupt ending of peace talks between Ukraine & Russia. Also, growing concerns about a?potential war between U.S. & Iran.
A report in the Financial Times said that Christine Lagarde planned to step down from her position as president of "the European Central Bank" before the 2027 French Presidential elections.
The FT cited a source familiar with the matter as saying that Lagarde has not yet determined the exact date of her departure, but she is keen for Emmanuel Macron and German Chancellor Friedrich Merz to be the European leaders who choose her successor.
"The ECB has a very stable position at the moment and I believe Lagarde's suggestion that she would leave early will also help to engender stability, given Macron and Merz are in place in France, and Germany," said Kiran Ganesh. Multi-asset strategist, UBS Global Wealth Management.
The ECB will not change its course regardless of the person who succeeds it, and the chances that political influence over the central bank in the Euro zone is lower than in other countries.
The mood also stabilized this week, after a global selling off?since late-January hurt multiple sectors due to AI disruption concerns. The banks rose by over 2% after a sharp drop the week before.
Glencore, among others, rose 4.5% following the miner
It would return $2 billion in dividends to its shareholders, despite slightly lower earnings.
Amrize shares rose 12.8%, reaching a new record high following the building materials firm
On Tuesday, the $1 billion share purchase program and special dividend will be announced.
Mediobanca added 5.7% ?after Monte dei Paschi di Siena (MPS) said it will take full
Controlling the flow of information is a good way to start.
The lender has ended weeks of uncertainty about the future of merchant bank.
A ?7.1% fall in
Limited gains after the German 'pharmaceutical company said it had reached a settlement?worth up to $7.25 billion?to resolve tens and thousands of lawsuits that claimed its Roundup weedkiller was cancer-causing.
IMCD, a maker of chemicals and food ingredients, fell 4.7% when its fourth-quarter earnings missed expectations. Reporting by Avinash and Johann M Cherian from Bengaluru, editing by Sherry Jacobi-Phillips and Nivedita Battacharjee.
(source: Reuters)
