(MENAFN) The main index in Europe concluded Wednesday's trading session at an all-time high, propelled by robust earnings reported by companies like Germany's Siemens Energy. The European Stoxx 600 index closed with a 0.3 percent gain, reaching a record level of 515.77 points, following a previous day's increase of over one percent.
Industrial stocks played a pivotal role in driving the main index higher, with Siemens Energy notably boosting investor sentiment by revising its forecasts for 2024 and announcing improved results for the second quarter. The energy equipment manufacturer's shares surged by 4.7 percent, leading the gains in Germany's benchmark index.
The STOXX 600 index has been steadily recovering from losses experienced since April, buoyed by strong corporate earnings, growing confidence from the European Central Bank regarding the possibility of interest rate cuts in June, and a gradual easing of tensions in the Middle East. These positive factors have collectively contributed to the market's upward trajectory, signaling optimism among investors regarding the economic outlook in the region.
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