European shares close at record high

The pan-European STOXX 600 index was up 0.5% at its record close, having earlier also hit an all-time intraday high

European shares closed at a record high for a second session on Thursday, driven by a rally in industrials and chip-related stocks.

The pan-European STOXX 600 index was up 0.5% at its record close, having earlier also hit an all-time intraday high. Most regional bourses also jumped, with Germany leading gains with a 1.3% rise.

Industrial stocks were the biggest boost to the index, up 1.5%, with heavyweights such as Siemens up 4.2% and Schneider gaining 2.3%.

Technology stocks added 2.3%, tracking gains in global chip-related stocks. Sentiment was further boosted after Korea’s Samsung Electronics and SK Hynix signed letters of intent to supply memory chips for OpenAI’s data centres.

ASML added 4.3% and ASMI climbed 6.5%, pushing the main Dutch index to a record high.

I see further room (for the rally) to run judging from the breadth in the tech rally, as it’s also the average tech stock participating as well, said Lale Akoner, global market analyst at eToro.

Autos jumped 2.4%, boosted by an 8.3% gain in Stellantis after market data showed an improved trend in new car sales for the group in Italy and the U.S.

Ferrari added 2.7% after HSBC upgraded its rating on the Italian carmaker to “buy” from “hold”.

The STOXX is up more than 11%.

Credit data company Experian slid 4.2% after FICO said it was launching a cost-cutting direct licence programme for mortgage lending.

Tesco added 5.3% after the British supermarket group raised its full-year profit forecast.

Thyssenkrupp declined 4.1% after Czech billionaire Daniel Kretinsky agreed to sell his 20% stake in the company’s steel unit and scrapped plans for a joint venture for the business.