Europe close: Stoxx 600 hits new high as tech stocks jump
By Benjamin Chiou
Date: Thursday 02 Oct 2025
(Sharecast News) - Big gains in the tech sector pushed European stock markets to fresh records on Thursday after a share sale valued ChatGPT maker OpenAI at half a trillion dollars.
The Stoxx 600 rose 0.5% to set a new record closing high of 567.60, with small losses in London and Madrid outweighed by surges of 1.1-1.2% in Paris and Frankfurt.
It was the fifth straight day of gains for the pan-European benchmark, having gained 3.2% since last Friday.
"The mood on the continent still remains bullish, buoyed by hopes of more action from the ECB and renewed flows into European equities," said Chris Beauchamp, chief market analyst at IG.
Over on Wall Street, US markets paused for breath - following the recent records set by the S&P 500 and Nasdaq - following a government shutdown in Washington DC which is set to delay crucial labour-market figures from being released this week.
However, gains in Europe were driven by the announcement that OpenAI raised $6.6bn in a share sale on Thursday, valuing the company at around $500bn. The news sparked a frenzy in the AI and semiconductor sectors, given the $300bn valuation reported earlier in the year.
Buying across the sector was also given a boost by a huge deal struck by South Korean tech groups Samsung and SK Hynix to co-develop AI data centres for OpenAI's Stargate initiative, prompting strong performances by Asian markets overnight.
In economic data, eurozone unemployment ticked higher in August, rising to 6.3% from a record low of 6.2% in July, according to Eurostat, defying expectations for a flat reading.
Meanwhile, Swiss inflation held steady at an annual rate of 0.2% in September, in line with August but slightly under the pick up to 0.3% expected by the market.
Chip stocks in demand
Semiconductor stocks were performing, including BE Semiconductor Industries and ASML, tracking Asian peers higher overnight as AI sentiment continues to build following a massive deal struck between Samsung, SK Hynix and OpenAI's Stargate initiative.
Heavyweight Siemens was providing a big lift in Frankfurt on reports that the company is exploring a potential sale of its 71% stake in medical equipment group Siemens Healthineers.
Siemens Energy was also rising strongly after Berenberg hiked its target price for the stock from €75 to €122, despite a more than doubling of the share price so far this year. "We remain bullish about the company as we expect the demand environment to continue to be favourable - supporting orders - and due to the potential for medium-term margins to be delivered above guidance," the broker said.
Credit-checking company Experian was a heavy faller in London, tracking US peers TransUnion and Equifax lower in after-hours trading on the news that FICO had launched a direct licence programme, allowing mortgage lenders to calculate and distribute FICO credit scores directly to borrowers.
Food group Tate & Lyle was extending losses after it downgraded its full-year profit and revenue expectations on Wednesday, while supermarket giant Tesco gained after lifting full-year guidance following a strong first half fuelled by the warm summer weather.
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