FX.co ★ European Stocks Trade Higher Near Record

European equities traded near record highs on Thursday, supported by a modest pullback in oil and gas prices that helped ease concerns over energy costs. The STOXX 50 rose about 0.5%, while the broader STOXX 600 gained 0.2%. More stable energy prices lifted investor sentiment and helped reduce some of the pressure on inflation expectations.

UK data also offered some reassurance, indicating that the region’s economies have so far shown resilience to the energy shock. UK GDP grew by 0.4% in the second quarter, with growth momentum strengthening in June.

Corporate results added further support to the market. Danish shipping group Maersk jumped around 8% after delivering profits well ahead of forecasts and raising its full-year earnings guidance, underpinned by strong performance in its core operations. Entain and Danish offshore wind developer Orsted likewise reported first-half underlying earnings that beat expectations.