European Shares Jump To Record High As Earnings Pour In

European stocks climbed to a record high on Wednesday as global markets recovered from a tech selloff sparked by concerns over the emergence of a low-cost Chinese AI model.

Investors also digested a slew of corporate earnings results and looked ahead to the Federal Reserve’s interest-rate decision later in the day for direction.

In economic releases, Germany’s GfK Consumer Sentiment Index for February fell to -22.4, down from -21.4 and missing expectations for a score of -20.5.

The pan European STOXX 600 was up 0.4 percent at 533.87 after rising 0.4 percent in the previous session.

The German DAX gained 0.4 percent and the U.K.’s FTSE 100 was marginally higher while France’s CAC 40 dipped 0.4 percent.

British travel retailer WH Smith jumped 5.8 percent after posting higher revenue growth for the 21-week period ended Jan.

Cruise operator Carnival rose about 1 percent. The company has priced its private offering of $2.0 billion aggregate principal amount of 6.125 percent senior unsecured notes due 2033.

Fresnillo rallied 2.4 percent. The precious metals miner met guidance with silver output in 2024 and marginally beat expectations with gold production.

Logitech International, a Swiss computer peripherals maker, surged 7 percent after reporting better-than-expected Q3 results and raising its full-year guidance.

French luxury group LVMH slumped 5.3 percent as fourth-quarter sales failed to impress.

Remy Cointreau, the maker of Remy Martin cognac and Cointreau liquor, tumbled 3 percent after announcing it was expecting an organic decline in annual sales at the lower end of its forecast range.

Skanska AB added 1.5 percent after it secured a $450M contract to replace North Carolina’s Lindsay C. Warren Bridge with an innovative fixed-span design.

Akzo Nobel NV, the Dutch maker of paints and coatings, lost 4 percent after it forecast a slightly smaller-than-expected rise in 2025.

ASML Holding shares soared 11 percent. The semiconductor giant reported fourth-quarter net bookings of 7.09 billion euros, up 169 percent quarter-over-quarter.

Swedish truck maker Volvo Group surged 5.2 percent as it posted a significant upswing in order intake during the fourth quarter.