Key facts
- The STOXX 600 rose 0.7% to 661.99 points by 0905 GMT, with Spain's IBEX up 1.7%.
- Basic resources rose 2%, boosted by ArcelorMittal's 5% gain after it topped core profit expectations.
- Siltronic fell 7.3%, ASML lost 2.4% and Soitec fell 4.8% as chip stocks lagged.
- Rheinmetall slid 16.5% after cutting its 2026 sales forecast for the second time in three months.
- Legrand gained 5.5% after raising its 2026 sales growth forecast for the second time this year.
- Aker BP shed 11.2% after BP said it sold a 5% stake in the Norwegian oil and gas company.
The STOXX 600 rose 0.7% to 661.99 points by 0905 GMT on November 5, 2026, with all major regional benchmarks higher. Spain's IBEX led with a 1.7% gain. Basic resources rose 2%, boosted by ArcelorMittal's 5% gain after the world's second-largest steel maker topped core profit expectations.
Investors weighed a Democratic win in both houses of Congress in the US midterm elections and President Donald Trump's acknowledgment of defeat, Reuters reported. Expectations were high that efforts to end the Iran conflict could be accelerated, while the Democrats could keep a check on excessive fiscal spending and policies targeting sectors such as European banks and clean energy.
Technology shares lagged. Siltronic shed 7.3%, ASML lost 2.4% and Soitec was off 4.8%, amid concerns that increased scrutiny over data center buildouts could slow spending on developing AI. "Concerns about a potential tightening of artificial intelligence regulations have not disappeared, but they appear to be offset for now by robust investment in data centers and resilient corporate earnings," said John Plassard, head of investment strategy at Cité Gestion, in a note.
France's Legrand gained 5.5% after raising its 2026 sales growth forecast for the second time this year on data center demand. Rheinmetall slid 16.5% after cutting its 2026 sales forecast for the second time in three months. Orsted rose 4.2% and Nordex rose 4% after strong results, and Air France-KLM gained over 11% after exceeding third-quarter operating profit expectations. Aker BP shed 11.2% after BP said it sold a 5% stake in the Norwegian oil and gas company.