European stock exchanges close higher with tech boost after Micron results
Investors also followed statements by European Central Bank (ECB) officials and corporate news.
European stock exchanges closed higher on Thursday, the 25th, boosted by the strong performance of the technology sector after results from American chipmaker Micron reinforced confidence in the artificial intelligence (AI) investment cycle. Investors also followed statements by European Central Bank (ECB) officials and corporate news.
In London, the FTSE 100 closed up 0.65% at 10,529.89 points. In Frankfurt, the DAX rose 1.05% to 25,000.54 points. In Paris, the CAC 40 gained 0.55% to 8,431.61 points. In Milan, the FTSE MIB advanced 0.28% to 51,782.91 points. In Madrid, the Ibex 35 rose 0.63% to 19,510.80 points. In Lisbon, the PSI 20 gained 1.12% to 9,157.33 points. The quotes are preliminary.
Micron's results alleviated fears that investments in AI infrastructure might be excessive. According to Deutsche Bank, the balance sheet "rekindled hopes of AI-driven growth" and helped dispel concerns about a bubble in the sector. Among the stocks, ASML (+2.6%), ASM International (+2.1%), Infineon (+2.2%), and STMicroelectronics (+2.4%) of the tech sector (+0.82%) stood out.
Meanwhile, Goldman Sachs assessed that the market began pricing in a normalization of oil supply in the Middle East, amid the recovery of ship traffic through the Strait of Hormuz. The energy sector rose about 0.25%, amid the technical recovery of the commodity in today's session.
In the United Kingdom, the government confirmed new safeguards for steel starting in July and announced a quota agreement with the European Union (EU) to reduce impacts on bilateral trade. The EU, in turn, increased pressure on Amazon and Microsoft by evaluating Amazon Web Services (AWS) and Microsoft Azure as "gatekeepers."
*With information from Dow Jones Newswires
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