European shares opened higher on Thursday, led by gains in mining companies, while technology shares lagged as investors weighed the implications of a Democratic sweep in the US midterm elections on the sector.
The pan-European STOXX 600 index rose 0.5% to 660.33 points by 08:07am GMT and was near a two-month high it hit in the previous session.
Basic resources rose 2.7%, boosted by ArcelorMittal’s (NYSE:MT) 6% gain after the world’s second-largest steelmaker topped core profit expectations.
Markets also took comfort from Brent crude prices that traded below US$100 ($142.51) a barrel on expectations that the recent loss for Republicans could prompt US President Donald Trump to avoid escalating the conflict with Iran.
Technology stocks came under pressure, with ASML Holding (NASDAQ:ASML) down 2.7% and Soitec (EPA:SOI) off 4.5%, tracking declines in Asia, on concerns that increased scrutiny by Democrats could slow down AI buildout in the US.
Rheinmetall (ETR:RHM) slid 14% after cutting its 2026 sales forecast for the second time in three months, saying it no longer expected a contract award this year for Germany’s Arminius Boxer vehicle programme and that revenue from artillery ammunition would be delayed by slower batch approvals.
(Reporting by Johann M Cherian in Bengaluru; Editing by Harikrishnan Nair)
Main image: Unsplash
