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(Bloomberg) — European stocks tested fresh highs, with consumer products and retail shares among the biggest gainers, as signs of easing tensions between the US and Iran pushed oil prices lower.
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The Stoxx Europe 600 Index gained 0.4% to 652.09 points, just shy of a closing record at 652.77 set on July 3. Germany’s DAX and the blue-chip Euro Stoxx 50 hit fresh peaks.
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Meanwhile, energy stocks were among the biggest laggards. Iran suggested that negotiations to get more ships moving through the Strait of Hormuz were making progress, after President Donald Trump called off what he said was a major attack on the Islamic Republic.
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Among individual stocj movers, AstraZeneca Plc shares fell 9.0% after people familiar with the matter said the UK drugmaker explored an acquisition of Bristol Myers Squibb Co.
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European shares scaled new highs last week, buoyed by solid company results and signs of easing geopolitical tensions. The regional benchmark has gained 1.7% since the reporting season kicked off in mid-July, outperforming the S&P 500.
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Data compiled by Bloomberg Intelligence show that MSCI Europe constituents are on track to post a stronger-than-expected 14% jump in second-quarter earnings.
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“Europe has benefited from a much healthier earnings revision cycle than many investors expected at the beginning of the year,” said Violeta Todorova, senior research analyst at Leverage Shares. “Defense spending, fiscal investment, improving industrial activity and a gradual recovery in manufacturing have all contributed to a broader improvement in corporate profits.”
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For more on equity markets:
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- Dip Buyers Need to Heed the Market’s Warning Signs: Taking Stock
- M&A Watch Europe: AstraZeneca, Banco BPM, Prysmian, EasyJet
- Stock Futures Rise as Hopes Grow for Progress in US-Iran Talks
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—With assistance from Sagarika Jaisinghani.
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English (US)