Key facts
- The STOXX 600 index reached a record high, climbing 0.9% to 655.2.
- Technology stocks led the gains, surging 2.2% on improved demand for AI-linked equities.
- Soitec, Infineon Technologies, and ASML were among the top performers in the tech sector.
- Positive corporate earnings reports from companies like Credit Agricole supported the market.
- Melrose Industries shares dropped 9.3% due to forecasted additional costs.
- Oil prices remained contained below $90 a barrel for Brent crude.
European shares achieved a record high on Friday, propelled by a global resurgence in investor appetite for technology stocks and bolstered by corporate earnings reports throughout the week. The pan-European STOXX 600 index climbed 0.9% to 655.2 by 0712 GMT, marking its fourth consecutive month of gains.
Technology stocks within the STOXX 600 surged by 2.2%, mirroring gains in Asian markets as demand for AI-linked equities improved. Specific companies like Soitec saw a 7.2% increase, Infineon Technologies rose 7%, and ASML advanced 3.5%.
The market was also supported by a dip in oil prices, with Brent crude contained below $90 a barrel, as increased supply through a key chokepoint offset concerns over the U.S.-Iran conflict.
Corporate earnings played a significant role, with Melrose Industries dropping 9.3% to the bottom of the STOXX 600 after announcing expected additional costs of £25 million to £30 million ($33.6 million to $40.3 million) in the latter half of 2026 due to an incident at its California facility. Conversely, Credit Agricole gained 4.5% after reporting second-quarter earnings that surpassed expectations. Universal Music Group slumped 25.4% after its first-half results, while Teleperformance jumped 13.2% after confirming its 2026 targets.