European stocks held steady on Thursday after hitting new records the previous day, as investors awaited the latest news on the French political crisis. The Stoxx Europe 600 was virtually flat at 8:15 a.m. in London, while Germany's DAX edged up to another record. Mining and travel & leisure sectors led, while autos and banks lagged. In individual stocks, HSBC fell after proposing a takeover plan for Hang Seng Bank in Hong Kong, valuing the entity at around $37 billion.
In Paris, the CAC 40 edged higher following President Emmanuel Macron's signal that he would appoint a new prime minister tomorrow night, amid hopes the budget impasse could be resolved this year. However, some fund managers remained cautious about political risks and France's fiscal outlook. More broadly, the European rally was supported by optimism about AI and the resilience of the US economy, with market focus now shifting to earnings season to test the sustainability of the rally. Meanwhile, Michelin weakened after analysts cut their estimates and commented that its guidance headroom was "narrowing." (az)
Source: Newsmaker.id
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