Opening
European equities advanced broadly on Thursday, with the DAX leading major indices higher, gaining 0.53% to close at 25,494.3 — the strongest performance among Continental benchmarks and a signal of continued resilience in German industrial sentiment. The FTSE 100 added a more modest 0.17% to reach 10,800.5, while the OMX Nordic was the sole decliner, slipping 0.13% to 3,213.8. The euro edged marginally lower against the dollar to 1.1369, a move that provides a marginal tailwind for eurozone exporters with significant dollar-denominated revenues.
Brent crude fell 1.9% to $86.68, easing input cost pressures for energy-intensive European industrials and airlines, while gold's 0.73% decline to $4,047.30 signals a modest retreat in safe-haven demand that could support risk appetite across European equity markets.
Key stock move
Volvo (OMX Stockholm) was the session's standout performer, rising 2.03% to SEK 362.70, outpacing SAP's 1.94% gain as investors rotated into industrials. ASML led declines, falling 1.66% to €1,406.00 on the Amsterdam exchange amid continued pressure on semiconductor equipment valuations.
Macro–Equity Bridge
Brent Crude −1.90% at $86.68 → TotalEnergies (TTE.PA), BP (BP.L): falling oil price compresses upstream revenue, partially offset by softer refining input costs SAP +1.94% → SAP (SAP.DE): enterprise software demand absorbs EUR/USD softness as dollar-denominated cloud contracts provide natural hedge ASML −1.66% → ASML (ASML.AS): euro dip at 1.1369 insufficient to offset semiconductor equipment demand concerns weighing on order-book sentiment LVMH −1.49% → LVMH (MC.PA), Kering (KER.PA): luxury sector underperforms broader CAC gain of +0.19%, signalling persistent China demand anxiety among institutional holders
What to watch today
Brent crude holds at $86.68 a barrel, keeping pressure on energy-intensive sectors across European exchanges as traders weigh supply discipline from OPEC+ against softening demand signals. The euro trades at 1.1369 against the dollar, a level that will sharpen focus on export earnings guidance from German industrials reporting this week. Currency strength at these levels typically compresses dollar-denominated revenue when translated back into euros, a headwind markets will price into any forward guidance.