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(Bloomberg) — European stocks gained, edging closer to their pre-war record high, as technology shares climbed and easing geopolitical tensions sent oil prices lower.
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The Stoxx Europe 600 index was up 0.3% as of 9:22 a.m. in Paris, just 0.6% away from its February peak. ASML Holding NV and Infineon Technologies AG were among the biggest contributors to the benchmark, after Micron Technology Inc. rallied to top $1 trillion in market value in the US.
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Autos rose after data showed European car sales climbed for the third consecutive month in April as consumers continued to snap up more electric and hybrid models. Volkswagen AG, Stellantis NV and Ferrari NV gained more than 1%.
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The energy sector was among the biggest laggards as Brent crude oil dropped 2% to about $97 per barrel on optimism that the US and Iran will sign a peace deal.
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European shares have been supported by a strong first-quarter earnings season, while lower oil prices eased concerns about inflation and aggressive rate hikes from the European Central Bank. Still, the region has less exposure to technology and AI-linked stocks that have powered gains in the US and Asia.
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“The trend in Europe is understandably lower than for the rest of the world, given that the size of the tech sector is much more modest,” said Fares Hendi, portfolio manager at Societe de Gestion Prevoir.
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Elsewhere, Akzo Nobel NV surged as much as 17%, the most since 2017, after rejecting a cash offer from Japanese peer Nippon Paint and US paintmaker Sherwin-Williams Co.
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