European Stocks End September Steady Despite Sector Volatility
European stock markets have shown resilience despite a lacklustre September, with the Stoxx Europe 600 Index up nearly one percent for the month. However, not all sectors have performed equally, with energy and chemicals stocks being the biggest losers. Meanwhile, defense stocks, including Rheinmetall, have provided market support.
Asos Plc shares took a 10 percent hit following disappointing full-year results, contributing to the DAX's 0.65 percent decline. The index has been moving sideways without a clear directional decision. Despite this, optimism about US economic growth and lower interest rates has boosted risk appetite.
Roland Kaloyan, head of European equity strategy at Société Générale SA, maintains a year-end target of 530 points for the STOXX 600. The Stoxx 50 is nearing record marks, influenced by US markets. Defense stocks have continued to provide support, while financial services and media sectors have performed well.
Stora Enso Oyj and UPM-Kymmene Oyj shares fell after the US imposed tariffs on softwood lumber and lumber products, affecting the sector negatively.
European stock markets have shown robustness despite a weak September, with the Stoxx Europe 600 Index virtually unchanged for the month. While energy and chemicals stocks have struggled, defense stocks have provided support. Asos Plc's disappointing results and US tariffs on lumber products have had sector-specific impacts, but overall, European markets remain steady.
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