European Stocks Hold at 2-Month Highs
European stocks remained steady on Wednesday, maintaining the near two-month highs achieved in the previous session. The absence of new drivers left the market anticipating that increased government spending across Europe would boost investment opportunities for major corporations. The STOXX 50 remained unchanged at 5,455, while the broader STOXX 600 held at 554. Notably, technology stocks led the upward trend, with Infineon gaining 2.5% following the announcement of a collaboration with Nvidia to innovate new power delivery architectures for data centers. Deutsche Telekom, Nokia, ASML, and technology investment firm Prosus also saw significant gains. Conversely, consumer discretionary stocks faced declines due to persistent concerns over discretionary spending by major Asian consumers this year. Companies like Hermes, LVMH, and Kering fell by more than 2%. Meanwhile, outside the Eurozone, Scottish energy giant SSE experienced a 1.7% drop after releasing their financial results and announcing a £3 billion reduction in their investment strategy.
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