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European stocks hovering near high

by Amy Johnson LLB Finance Reporter
23rd Feb 24 1:31 pm

European equities remain near multi-year highs, with the STOXX 50 hovering close to a 23-year peak and the broader STOXX 600 touching a new record.

French CAC 40 remained near its record high with positive performances in its largest stocks. In Germany, the DAX took a break after a solid performance yesterday.

Allianz saw a drop in its shares after earnings and its share buy-back program disappointed expectations. Meanwhile, BASF announced it would slash another €1 billion in annual costs, citing weak demand and high energy costs in its home market.

As the German economy confirmed its contraction in the fourth quarter of 2023, this could put pressure on German equities.

On the other side of the Channel, the Footsie remained flat. Standard Chartered reported strong positive results. The bank experienced a sharp increase in its share price, leading the FTSE 100 after announcing dividends and a new $1 billion buyback, with annual profit up 18%.

UK stocks could experience downside pressure following the U.K. consumer sentiment report, which shows decreased sentiment in February, with households feeling less optimistic about their finances and the economic outlook.

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