STOXX 600 Index Reaches Record High Amid Energy Stock Surge

The STOXX 600 index closed at a record high, driven by energy stock gains following U.S. sanctions on Russia. As corporate earnings season unfolds, luxury stocks rise, while travel, leisure, and technology shares face declines. Energy sanctions could impact global oil supply, experts caution.

The STOXX 600 index reached a record high on Thursday, fueled by a rally in energy stocks amid new U.S. sanctions targeting Russia's energy sector. The index rose 0.37%, closing at 574.43 points.

Energy stocks saw a notable 2.7% increase as crude prices surged 5%. Experts like David Oxley warn that these sanctions could potentially flip the global oil market into a deficit next year, depending on their duration and enforcement.

Elsewhere, corporate earnings reports influenced market movements. Luxury stocks gained, notably Kering, which climbed 8.7%, while travel and leisure stocks dipped. Technology firms faced challenges, with STMicroelectronics and Dassault Systèmes witnessing significant losses due to unmet sales forecasts.

(With inputs from agencies.)