European Stock Surge: Tech Drives Gains Amid Easing Oil Prices

European shares experienced a rise on Thursday driven by gains in technology stocks. The strong forecasts from U.S. chipmakers Micron and Qualcomm alleviated valuation concerns, while falling oil prices supported the market sentiment. The STOXX 600 index rose 0.46% and European tech stocks led the gains.

Shares in Europe saw an upswing on Thursday, spearheaded by technology stocks, as positive forecasts from Micron and Qualcomm eased fears over inflated sector valuations. The decline in oil prices lent additional momentum.

The pan-European STOXX 600 index increased by 0.46% to 638.11 points by midday. U.S. chipmakers surged in premarket following optimistic projections, calming investor worries about an overextended AI-related stock rally.

Technology stocks across Europe rose 2.4% this quarter—driven by chipmakers Infineon and STMicroelectronics with gains of 5.6% and 4.2%, respectively—while Siemens Energy added 1.5%. Oil prices extended their declines as more tankers left the Strait of Hormuz.