STOXX 600 Approaches August Record High as Siemens Energy and CoreWeave Forecasts Boost AI Sentiment

Europe's STOXX 600 rose 0.7% to 662.83 points by 0807 GMT on Wednesday, November 11, trading near the record closing high set in August, as strong earnings and outlooks from Siemens Energy and US AI cloud company CoreWeave eased investor fears about the health of artificial intelligence-related spending.

Siemens Energy surged 6.5% after reporting record quarterly revenue of 12.83 billion euros in its fiscal fourth quarter and forecasting higher profit margins in 2027. The German energy technology company also said it plans to more than triple its dividend, adding to the rally in its shares. CoreWeave, the AI computing provider, reported third-quarter revenue of $3.66 billion, beating the $3.55 billion analysts expected, as sales soared 168% year over year. The company raised its full-year 2026 revenue guidance to $13 billion to $13.3 billion and projected adjusted operating income of $1.275 billion to $1.375 billion, well above Wall Street's $1.07 billion estimate. CoreWeave's shares rose sharply in extended trading, gaining around 8% after a roughly 40% slide over the prior month.

Technology stocks led sectoral gains on the continent, rising 1.8%, while basic resources climbed 2.1%. The positive mood was tempered, however, by persistent inflation concerns that limited broader market advances. Not all companies shared in the rally: Danish wind turbine maker Vestas fell 6% and CSG dropped 18% after both companies cut their outlooks.