European shares rose at the open on Thursday, led by mining company stocks, while technology shares declined as investors assessed the impact of Democrats sweeping the US midterm elections on the sector.
Reuters reported that the European Stoxx 600 index rose 0.5% to 660.33 points, approaching its highest level in two months recorded in the previous session. The basic resources sector gained 2.7%, supported by a 6% rise in ArcelorMittal shares after the world's second-largest steelmaker surpassed core profit expectations.
Oil Price Support and Election Impact
Markets received support from Brent crude trading below $100 per barrel, amid expectations that the Republicans' latest loss may push US President Donald Trump to avoid escalation with Iran. Conversely, technology shares came under pressure, with ASML falling 2.7% and Suez declining 4.5%, following declines in Asia amid fears that a Democratic audit could slow the pace of artificial intelligence project expansion in the United States.
Rheinmetall Share Decline
Rheinmetall shares plummeted 14% after the company lowered its sales forecasts for 2026 for the second time in three months, stating it no longer expects to secure a contract this year for the German Armoured Personnel Carrier program and that artillery ammunition revenues will be delayed due to slow approval of production payments. These results follow the US midterm elections, in which Democrats made significant gains, enabling them to regain control of both chambers of Congress, a political shift that places the Trump administration's agenda before legislative challenges in the coming period.
Source: Syrian Arab News Agency (SANA)
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