European stocks rose, approaching March’s record closing high, as investors looked ahead to the Trump-Putin summit and key US economic data.
The Stoxx Europe 600 Index gained for a fourth day as it advanced 0.2% by 10:35 a.m. in London. Mining and chemical sectors outperformed, while personal care and industrial stocks were the biggest laggards.
Technology also underperformed as a weak report by America’s Applied Materials Inc. weighed on chip equipment stocks including ASML Holding NV. Elsewhere, Danish jeweler Pandora A/S sank 13% after its revenue missed the average analyst estimate. Shares in NKT A/S climbed 6.8% after the electrical component maker upgraded its full-year guidance.
Much of the focus Friday is on the meeting between Donald Trump and Vladimir Putin in Alaska, with investors looking for signs of progress in ending the war in Ukraine. American retail sales figures due earlier, meanwhile, will provide the latest clues on the health of the economy.
Florian Ielpo, head of macro at Lombard Odier Investment Managers, said any progress in ceasefire negotiations in Ukraine would be “a positive for the market” as investors aren’t currently positioned for such an outcome.
Europe’s stock benchmark has gained this month as optimism around Federal Reserve rate cuts overshadowed concerns about an economic slowdown. The Stoxx 600 is on track for the highest level since March on a closing basis.
Still, a Bloomberg survey of strategists showed they expect only small gains into the year end. The benchmark is expected to end 2025 at 556 points, according to the average of 17 strategists, relatively unchanged from current levels.
Meanwhile, the UK’s FTSE 100 Index hit an all-time record high before surrendering gains of as much as 0.5%.
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With assistance from Michael Msika and Henry Ren.
This article was generated from an automated news agency feed without modifications to text.
