European Shares Hit Monthly High on Tech and Geopolitics
The STOXX 600 rose 0.73% to its highest level in over a month as optimism over a potential Middle East ceasefire and strong demand for AI technology boosted markets. Gains in chipmakers like Infineon and ASML offset losses in the banking and luxury sectors as investors monitor inflation data.
The X STOXX EUROPE 600 1C rose 0.73% to 625.12 points on Friday, marking its highest level in over a month. The index logged its largest weekly gain in seven weeks as technology stocks surged 3.2%. Investors are weighing cooling Middle East tensions against hawkish signals from the European Central Bank.
### Geopolitical Progress and Energy Costs United States Secretary of State Marco Rubio said progress was made toward an agreement with Iran. Disagreements persist over uranium stockpiles and the Strait of Hormuz, pushing Brent Crude Oil up 1% to $103. Mark Haefele at UBS GROUP AG-REG said the firm remains neutral on European equities due to high energy costs.
