FX.co ★ European Stocks Hit New Records

European equities continued their upward trajectory, reaching new record highs on Tuesday. The STOXX 50 increased by 0.6%, reaching 6,050 points, while the more inclusive STOXX 600 maintained around 611 points. The increase was spurred by an unexpectedly low US core inflation figure of 2.6%, which eased concerns that heightened inflationary pressures might prompt a delay in the Federal Reserve's planned interest rate reductions later this year. Market sentiment was further buoyed as anxieties regarding the Fed's independence temporarily receded, following opposition from several Republican lawmakers to a Justice Department criminal investigation involving Chair Jerome Powell. On the corporate front, Ørsted saw its shares surge by 5.6% after receiving judicial clearance in the US to proceed with its nearly completed Revolution Wind project. Other notable gainers included SAP, rising by 2.4%, Eni at 2.0%, Siemens at 1.7%, Banco Santander at 1.3%, and Airbus at 1.2%. Conversely, Saint-Gobain declined by 4.4%, Vinci fell by 3.7%, Carrefour decreased by 3.1%, and Bayer saw a reduction of 2.2%, marking them as some of the day’s worst performers.