European Stock Surge: Adidas Drives Record Gains Amidst Tariff Tensions

European stocks saw significant gains as Adidas's strong holiday-quarter results pushed German shares to new highs. The STOXX 600 index rose by 0.5%, driven by healthcare and Adidas stocks. Despite the positive market sentiment, German automotive supplier Schaeffler saw a 15% drop due to disappointing results.

European stocks continued their winning streak on Wednesday, fueled by stellar holiday-quarter results from Adidas, which propelled German shares to unprecedented heights. Concurrently, healthcare stocks experienced substantial gains.

The pan-European STOXX 600 climbed 0.5% by 0822 GMT, achieving its highest point since September 27, 2024. Heavyweight healthcare stocks led this upward trajectory, with Novo Nordisk's shares surging 2.7%.

Adidas's shares soared 6% following the announcement of unexpectedly robust preliminary fourth-quarter results, characterized by high sales and profitability. Meanwhile, despite a buoyant market mood, Schaeffler shares plummeted 15% after the automotive supplier reported disappointing 2024 preliminary results.

(With inputs from agencies.)