European Shares Surge Amid Commodity Stabilization and Strong Earnings

European shares reached a new peak as commodity markets stabilized. The STOXX 600 rose by 0.8%, driven by basic resources. Amundi and Siltronic reported positive earnings, while U.S. tech firm Palantir Technologies announced strong sales and optimistic forecasts, boosting the tech sector's focus.

On Tuesday, European shares achieved a record high amidst a stabilization in global commodity markets, shifting investor focus to corporate earnings from companies like Amundi and Siltronic.

The pan-European STOXX 600 index rose by 0.8% to 622.46 points, with the basic resources sector experiencing a 1.9% increase. This followed a recent downturn in commodity-linked stocks caused by a drop in precious metal prices after Kevin Warsh was nominated as the next U.S. Federal Reserve chair and a hike in CME margin requirements.

Amundi, Europe's largest asset manager, saw its shares rise 4.7% after exceeding net inflow expectations in the fourth quarter. Meanwhile, German semiconductor wafer supplier Siltronic experienced a 2.5% increase following strong preliminary fourth-quarter results. The broader tech sector drew attention after U.S.-based Palantir Technologies reported a significant sales surge and provided positive future forecasts.

(With inputs from agencies.)