Europe close: Stocks keep pushing higher
By Alexander Bueso
Date: Wednesday 26 Feb 2025
(Sharecast News) - A pan-European gauge for shares hit a fresh high on Wednesday, as traders assessed reports that the US and Ukraine may have struck a deal on minerals to compensate Washington for military aid against Russia.
The pan-regional Stoxx 600 was up 0.99% to 559.67 with all the major regional bourses higher on another heavy earnings day.
Germany's Dax paved the way, adding 1.71% to 22,794.11, leaving it just shy of a fresh record high.
In the US meanwhile, Wall Street appeared to arrest a four-day slide.
The Financial Times reported that Kyiv was ready to sign the agreement on jointly developing its mineral resources, including oil and gas, after Washington dropped demands for a right to $500bn in potential revenue from the deal, which Zelenskyy said would force "10 generations" of Ukrainians to pay it back.
Also overnight, news broke that the lower chamber of the US congress had narrowly advanced Trump's $4.5trn tax-cut plan.
Closer to home, Germany's GfK Consumer Sentiment Index for March declined further to -24.7 from -22.6, missing expectations of -21.1.
February data showed income expectations plunging -4.3 points to -5.4, marking a 13-month low, while the economic outlook for the next 12 months improved slightly by 2.8 points to 1.2.
In equity news brickmaker Wienerberger surged 11% after annual results beat expectations.
Budweiser maker AB Inbev shares climbed 9% after the company reported better-than-expected fourth-quarter sales.
Recruitment giant Adecco gained 12% despite a 14% annual drop in full-year operating income, conversely Wolters Kluwer slumped as the Dutch information services company reported a rise in annual profit.
Stellantis fell 4% as the troubled auto giant posted a 70% fall in 2024 net profit.
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