Doha: European stocks rose to record highs Wednesday, supported by strong gains in French and Spanish stocks, while steelmakers’ shares rose after the European Union (EU) unveiled plans to cut steel import quotas.
According to Qatar News Agency, the pan-European Stoxx 600 index rose 0.8 percent to close at its highest level, while French stocks jumped 1.1 percent and Spanish shares touched their highest levels since 2007. The broader Basic Resources index saw a 1.9 percent increase, reflecting a positive market sentiment.
However, not all sectors shared in the gains. BMW shares fell 8.2 percent after the carmaker revised its 2025 profit forecast downward, attributing the change to altered expectations regarding US tariffs and weaker-than-anticipated growth in the Chinese market. Rival Mercedes shares also declined by 2.9 percent, contributing to a 2.1 percent drop in the broader automotive sector index.