Mining Gains Lift European Stocks Near Record High

The pan-European STOXX 600 index rose to 661.99 points by 0905 GMT on Thursday, placing it just below its all-time high. The benchmark gained 0.7 percent as strong performance in the mining sector offset weakness in technology shares.

Spain’s IBEX index led regional gains with a 1.7 percent rise. Basic resources climbed 2 percent, driven by a 5 percent jump in ArcelorMittal stock. The world’s second-largest steel maker topped core profit expectations in its latest report.

Investors reacted with relief to the Democratic sweep of both houses of the US Congress. President Donald Trump acknowledged the defeat, easing concerns about fiscal policy. Markets also anticipated that Democratic control could accelerate efforts to end the conflict in Iran and check excessive spending that might target European banks or clean energy sectors.

Uncertainty persisted regarding the global technology outlook. Analysts noted that increased scrutiny on data center construction could slow spending on artificial intelligence development. John Plassard, head of investment strategy at Cité Gestion, said in a note that concerns about tighter AI regulations appeared to be offset for now by robust investment in data centers and resilient corporate earnings.

Chip stocks declined sharply, with Siltronic down 7.3 percent and Soitec off 4.8 percent. Chip equipment maker ASML lost 2.4 percent. Asian tech stocks also fell steeply, and US Nasdaq futures dropped 0.7 percent.

Other industrial stocks moved in response to earnings reports. France’s Legrand gained 5.5 percent after raising its 2026 sales growth forecast for the second time this year due to strong data center demand. Software names SAP and Dassault Systèmes each rose over 1 percent.

Defense and energy stocks showed mixed results. Rheinmetall slid 16.5 percent after cutting its 2026 sales forecast for the second time in three months. Renewables Orsted and Nordex rose 4.2 percent and 4 percent, respectively, following strong results. Air France-KLM gained over 11 percent after exceeding third-quarter operating profit expectations. Aker BP fell 11.2 percent after the UK’s BP announced it sold a 5 percent stake in the Norwegian oil and gas company.