European stocks edged higher, posting a second straight week of gains, as markets continued to assess the outlook for interest rates next year, the returns from a surge in AI capital spending, and the possibility of a ceasefire between Russia and Ukraine.
The STOXX 50 edged up 0.1% to 5,726, up 1% for the week, while the STOXX 600 closed flat at 579, up 0.4% from last Friday. The latest US economic data maintained the prospect of a Fed rate cut next week, while an upward revision to the Eurozone labor market was consistent with the ECB's signal that interest rates would remain unchanged for the time being. Automakers rallied sharply for a second session, with Mercedes-Benz, Volkswagen, BMW, and Volkswagen rising between 4% and 2%.
Meanwhile, companies with exposure to AI infrastructure were mixed, with Schneider Electric, ASML, and Nokia posting losses, while Infineon extended gains. Additionally, Rheinmetall and Leonardo ended the week higher as hopes for a deal to end the war in Ukraine eased. (alg)
Source: Trading Economics
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