Europe close: Stoxx 600 hits new record as rally continues

(Sharecast News) - European stocks rose for the seventh straight day on Thursday, pushing the Stoxx 600 benchmark to a new record closing high. The Stoxx 600 finished 0.5% higher at 530.44, beating a previous all-time closing high of 528.08 reached on 28 September.

With very little economic data out across the globe, the market's focus was (again) firmly on Donald Trump as he prepared to address the World Economic Forum in Davos after the closing bell in Europe.

Investor concerns regarding Trump's promised trade tariffs had eased over recent days, particularly in Europe - though comments made by the US president may reignite those fears in the coming days.

"My message to every business in the world is very simple: Come make your product in America and we will give you among the lowest taxes of any nation on Earth," Trump said in a video address. "But if you don't make your product in America, which is your prerogative, then, very simply, you will have to pay a tariff."

In other news, Norway's central bank kept interest rates unchanged on Thursday at a 17-year high of 4.5%, as it said rates will likely be cut in March.

Market movers

Shares in London-listed precision instruments supplier Spectris surged as the company said it expects to beat market expectations with its 2024 results.

EQT jumped after the Swedish private equity firm reported an increase in fund investments, assets under management and exit activity during the second half of 2024.

Also rising in Stockholm was metals and machinery group Sandvik after beating forecasts with its fourth-quarter results, driven by a strong performance from its rock processing division.

Leading the fallers was sportswear brand Puma plunged 23% after announcing disappointing earnings and downgraded its profitability targets. The company reported a cost-cutting programme aimed at achieving an EBIT margin of 8.5% by 2027, a delay from the previous target of 2025.