European Stocks Reach All-Time High Supported by Global Momentum

European stocks reached a new record high today, Thursday, supported by strong performance in global equities, with the Japanese Nikkei index hitting an all-time high. The Stoxx 600 index rose to 495.77 points, surpassing the previous level of 495.46 points reached in January 2022, as unexpectedly strong revenue forecasts from American chip giant Nvidia lifted global sentiment. The index increased by about one percent during the latest trading session and has recorded an almost four percent gain so far this year, following a rise of more than ten percent last year. Global markets have benefited from the overall strength of the world economy and hopes for major central banks to cut interest rates later in the year. In Asia, the Japanese Nikkei index reached an all-time high today. The S&P 500 index in the U.S. is already at its highest levels ever, driven by gains in large tech stocks, while European stocks lag behind, trading at much lower valuations relative to earnings.