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FollowingEuropean stocks rebounded on Thursday, ending a three-day decline.
European stocks rose slightly on Thursday as market sentiment stabilized as the intensity of the global bond market sell-off weakened. After three consecutive days of decline, the equity market stabilized and selling pressure gradually subsided.
The Pan-European Stoxx 600 index rose 0.2% to close at 646.96 at 0810 GMT. The benchmark index hit its lowest level in a month the previous trading day.
Major regional exchanges performed differently. Germany's DAX index edged up 0.1%, Spain's benchmark index rose 0.5%, while France's CAC 40 index fell 0.1%.
Soitec's share price soared after raising revenue guidance
French semiconductor materials maker Soitec became the best performing stock of the day. The company's management sharply raised its forecast for year-on-year revenue growth for the second quarter of 2027 to 50% from a previous estimate of 30%, sending its share price soaring 10%, leading the gains in the Stoxx 600 index.
In previous trading days, the market came under tremendous pressure. Driven by the escalating situation in Iran, crude oil prices climbed, exacerbating inflation concerns and triggering simultaneous declines in bond and stock markets. Given the continent's high dependence on imported fuels, the impact of higher energy prices on European stock markets is particularly significant.
Energy prices fell back on Thursday as President Donald Trump said additional strikes against Iran may be limited in duration. Despite this, Brent crude oil prices remain above $90 a barrel.
Ricardo Castillo, head of investment at Mirabaud Group, pointed out that retail energy prices actually paid by consumers have reached their highest level since March and April this year. He believes this development strengthens market expectations that the ECB will maintain high interest rates despite economic expansion and sluggish.
Eurozone government bond yields have retreated from multi-year highs, providing equity investors with some breathing room. Market participants generally believe that the ECB will raise interest rates to 2.5% at next week's policymakers meeting. It is expected that by mid-2027, there will be two more interest rate hikes of 25 basis points each.
Elliott invests in Deutsche Telekom to establish position
Deutsche Telekom shares rose 1.7% after activist hedge fund Elliott Investment Management disclosed it holds a large stake in Deutsche Telekom. Elliott also made clear his opposition to any possible merger between Deutsche Telekom and its U.S. subsidiary T-Mobile US.
Belgian investment company Sofina's shares rose 3.6% after it announced net asset expansion in the first half of 2026. The company also revealed that SpaceX is the largest position in its top private equity portfolio.
Shares of insurance and asset management group M&G fell slightly 0.2% after releasing semi-annual financial results.
Currently, market participants are turning their attention to Friday's U.S. non-farm payrolls data. After Fed Chairman Kevin Warsh's hawkish remarks last week, the jobs data could significantly affect speculation about the direction of Fed policy. At the same time, eurozone services expansion slowed to a two-month low in August, although overall private sector activity remained strong.
