European stock indexes climbed to record highs on Wednesday, lifted by cautious optimism over a deal to reopen the Strait of Hormuz and a rotation out of artificial-intelligence stocks. Banks and industrials led the advance across the technology-light continent, even as chip-led gains stalled in Asia and the U.S.
European stock indexes climbed to fresh records on Wednesday. Cautious optimism around a deal to reopen the Strait of Hormuz added fresh impetus to a rally already built on strong earnings and a shift away from artificial-intelligence stocks.
AI-related jitters that derailed chip-led gains in Asia and the U.S. turned into a boon for European stocks, where banks and industrials are driving gains across the technology-light continent.
Barclays Private Bank's chief market strategist, Julian Lafargue, said Europe has become the anti-AI trade.
Source: The Wall Street Journal
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