04.08.202607:20:20UTC+00European Stocks Hit Fresh Record Highs

European stocks advanced to new record highs on Tuesday, as improving global risk appetite and a steady stream of corporate earnings offset a rebound in oil prices. Crude recovered following Monday’s sharp slide, which had been driven by persistent uncertainty over efforts to resolve the US–Iran dispute.

The Euro Stoxx 50 climbed 0.7% to 6,480, while the broader STOXX 600 rose 0.6%. Technology shares led the gains, with AI-focused names buoyed by strong results from US software group Palantir, which exceeded forecasts and raised its revenue guidance. BE Semiconductor added 2% after an upgrade from Berenberg.

On the downside, Lufthansa dropped 4% after missing operating profit expectations and cutting its outlook. Online fashion retailer Zalando tumbled 9% following a reduction in its full-year growth and earnings guidance.

In the UK, BP rose 1% after posting stronger-than-expected profits, while HSBC edged up 0.3% after beating earnings estimates and lifting its net interest income target.