European Markets Set New Records as Tech, Autos Lead Gains
European markets closed at record highs for the second day running on Thursday, with the pan-European STOXX 600 index up 0.5%. This follows a rally in healthcare stocks and gains in technology and autos sectors. Meanwhile, Czech billionaire Daniel Kretinsky sold his 20% stake in Thyssenkrupp's steel division, abandoning plans for a joint venture.
The STOXX 600 index reached an all-time intraday high before closing at a record level, up more than 11% year-to-date and outperforming the U.S. S&P 500. The rally was boosted by gains in technology stocks, up 2.3%, and autos, climbing 2.4%. Stellantis led the autos sector with an 8.3% gain, following improved new car sales data in Italy and the U.S.
Healthcare stocks extended their rally after a U.S.-Pfizer deal on prescription drug prices. Meanwhile, industrial stocks were the biggest boost to the index, up 1.5%. British supermarket group Tesco also contributed to the gains, raising its full-year profit forecast and climbing 5.3%.
The record closes come as investors anticipate softer monetary policy from the Federal Reserve. Most regional bourses also climbed, with Germany leading gains with a 1.3% increase. Despite the sale of Daniel Kretinsky's stake in Thyssenkrupp's stock market division, the company can now focus on talks with Jindal Steel from India.
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