European Shares Surge Amid Utility and Healthcare Gains

European shares hit a record high, aided by utility and healthcare sector growth, while media and defense sectors lagged. The STOXX 600 rose by 0.3%, driven by utility gains after a successful offshore wind power auction. Investors await a U.S. Supreme Court decision on Trump’s tariffs.

On Wednesday, European shares climbed to new heights, showing resilience after a slight decline. Gains in utility and healthcare sectors counterbalanced the dip in media and defense industries. The pan-European STOXX 600 advanced 0.3% by mid-morning GMT.

Market participants initially reacted to corporate updates but braced for a U.S. Supreme Court decision on President Donald Trump's tariffs' legality. Kyle Rodda, a financial market analyst, suggested that a ruling against the tariffs would be positively received, though significant policy changes were unlikely from the U.S. administration.

Utilities led the charge in Europe, spurred by lucrative contracts from Britain's offshore wind power auction. Meanwhile, healthcare stocks gained ground, boosted by Finnish drugmaker Orion's revenue forecast, and luxury stocks garnered attention following bankruptcy news from Saks Global. Media and defense stocks lagged, while eyes turned to U.S. banks for potential reactions to a proposed credit card interest cap.

(With inputs from agencies.)