Key facts
- The STOXX 600 rose 0.3% to 665.38 points by 0806 GMT on November 12, a record high.
- Germany's DAX rose 1% to a new high.
- STOXX 600 companies are on track for 25% quarterly profit growth, the strongest in four years, per LSEG-compiled data.
- Siemens rose 3.8% after raising its growth outlook.
- Merck gained 1.6% after raising its 2026 profit guidance for a third time this year.
- Brent crude slipped below $100 a barrel after the US said no imminent attacks on Iran were likely, and was around $93 a barrel.
The pan-European STOXX 600 rose 0.3% to 665.38 points by 0806 GMT on November 12, a record high, after closing at record levels in the previous session. Germany's DAX rose 1% to a new high. Most major regional benchmarks traded higher.
Strong corporate earnings have supported European equities in recent months. STOXX 600 companies are on track to post quarterly profit growth of 25%, the strongest in four years, according to LSEG-compiled data cited in the report, with energy companies providing a boost. The report also cites Deutsche Bank's figures of earnings growth accelerating from 22% to 28%.
Siemens rose 3.8% after the industrial technology group raised its growth outlook, while Merck gained 1.6% after the drugmaker increased its 2026 profit guidance for a third time this year.
Lower oil prices also eased pressure on Europe's import costs. Brent crude slipped below $100 a barrel after the US said no imminent attacks on Iran were likely. The report puts Brent around $93 a barrel, well off recent highs, and says European gas prices had also fallen.
The region's smaller exposure to AI-linked stocks has also helped it outperform Asian and US peers as traders scrutinize the AI trade. The STOXX 600 has risen 4.7% so far this quarter, while the S&P 500 is down 0.4%, the report says. It also says the STOXX 600 is up more than 12% so far this year, with energy stocks up 36%, and the S&P 500 up around 11%.