# Global Market Update: Europe's STOXX 600 hits record high, eyes best weekly gain since mid-May — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-07-03 10:56 ingested 2026-07-04 08:32

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/global-market-update-europes-stoxx-600-hits-record-high-eyes-best-weekly-gain-since-mid-may/articleshow/132159499.cms)

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The pan-European index touched an all-time high earlier in the session before trimming gains to trade 0.2% higher at 649.86 points. It remains on course for its strongest weekly performance since mid-May. Germany's DAX rose 0.1%, while French and UK equities were marginally lower on the day.
German industrial giant Siemens climbed 1.7%, leading gains on the DAX after Kepler Cheuvreux upgraded the stock to "hold" from "reduce".
Meanwhile, defence stocks edged higher following Russia's deadliest strike on Ukraine this year, as investors bet on increased military spending amid escalating geopolitical tensions. Reuters data showed defence stocks were the top-performing sector this week, while cyclicals such as industrials, banks and financial services also advanced as the rally broadened beyond technology shares, aided by easing tensions in the Middle East.
The US jobs report reinforced expectations that the US Federal Reserve could keep interest rates on hold until later this year, while business activity data from major economies pointed to resilient economic growth. Meanwhile, eurozone inflation rose at a slower-than-expected pace in June, according to data released earlier this week.
European Central Bank President Christine Lagarde said the risks to inflation and economic growth are now more balanced than they were a few weeks ago. According to LSEG data, traders now expect the ECB to deliver a total of 23 basis points of rate cuts this year.
Globally, technology stocks posted their strongest quarterly gain since 2001 earlier this week, driven by the AI-led rally. Chipmakers Soitec and Aixtron rose 4.1% each, while BE Semiconductor gained 3.6%.
The Personal & Household Goods sector led losses, with L'Oréal falling 2.6% after JPMorgan said it expects a weaker second half for the cosmetics giant.
However, trading volumes are likely to remain subdued due to the US public holiday.
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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document fetched 2026-07-04 08:32