Key facts
- European shares were steady on Thursday.
- Crude oil prices decreased by approximately 1% to $96 per barrel.
- The pan-European STOXX 600 index rose by 0.1% to 621.85 points.
- Chip stocks declined following Broadcom's weaker-than-expected revenue report.
- Remy Cointreau shares surged 11.3% after announcing a turnaround plan.
- An Israel-Lebanon ceasefire agreement was reached, raising hopes for a broader peace deal.
European shares were largely steady on Thursday, with investors closely watching developments in the Middle East for signs of a potential peace deal. Crude oil prices saw a slight decrease of about 1% to $96 a barrel following an agreement between Israel and Lebanon to implement a ceasefire, which raised hopes for a broader resolution to the conflict. The benchmark pan-European STOXX 600 index managed a marginal gain of 0.1% to 621.85 points. Investors are also anticipating a 25 basis point interest rate hike from the European Central Bank (ECB) at its upcoming meeting. Chip stocks experienced a decline, with Infineon Technologies and STMicroelectronics down significantly after U.S. peer Broadcom reported weaker-than-expected second-quarter revenue. Remy Cointreau shares surged 11.3% after its CEO outlined a turnaround plan aimed at boosting operating profit by approximately €100 million ($116.1 million) by 2028/29. Pirelli dipped on a short-seller's report, which the company denied, while Puma gained after a rating upgrade from Citigroup.