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European stocks edged higher on Thursday following upbeat forecasts from AI giant Nvidia, boosting global chipmakers. Investors awaited the latest business surveys to assess the euro zone economy’s outlook and interest rate trajectory.
The pan-European STOXX 600 index rose 0.2%, with the tech index leading sectoral gains with a 1.2% increase. Shares of European semiconductor companies, including ASML, Infineon, and ASM, saw gains ranging from 1.5% to 2.4% after Nvidia announced forecasts for quarterly revenue above estimates, a stock split, and a 150% increase in its quarterly dividend.
Nvidia’s Impact
Nvidia’s shares surged by 6.5% in Frankfurt trading, underpinning optimism in the tech sector and broader market sentiment.
Business Surveys Awaited
Investors awaited flash business surveys for the euro zone and the UK, anticipating a slight improvement in May, which could offer insights into economic recovery trends and potential monetary policy adjustments.
Sectoral Movements
Defensive sectors such as utilities and real estate faced downward pressure, with Britain’s National Grid witnessing a significant decline of nearly 8% following its announcement of plans to raise approximately £7 billion ($8.9 billion) through a fully underwritten rights issue. UK’s FTSE 100 remained broadly flat after Prime Minister Rishi Sunak called a general election for July 4.
Shares of Embracer slid by 7.2% after the Swedish games developer announced that its finance chief would step down for personal reasons. The company also reported fourth-quarter operating profit in line with market expectations.
