European shares rise on mining gains; tech lags
European shares opened higher on Thursday, led by gains in mining companies, while technology shares lagged as investors weighed the implications of a Democratic sweep in the US midterm elections on the sector.
The pan-European STOXX 600 index rose 0.5% to 660.33 points by 0807 GMT and was near a two-month high it hit in the previous session. Basic resources rose 2.7%, boosted by ArcelorMittal's 6% gain after the world's second-largest steel maker topped core profit expectations.
Markets also took comfort from Brent crude prices that traded below $100-a-barrel on expectations that the recent loss for Republicans could prompt President Donald Trump to avoid escalating the conflict with Iran. Technology stocks came under pressure, with ASML down 2.7% and Soitec off 4.5%, tracking declines in Asia, on concerns that increased scrutiny by Democrats could slow down AI buildout in the US.
Rheinmetall slid 14% after cutting its 2026 sales forecast for the second time in three months, saying it no longer expected a contract award this year for Germany's Arminius Boxer vehicle programme and that revenue from artillery ammunition would be delayed by slower batch approvals.
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