LONDON — Germany's DAX index closed at an all-time high on Wednesday for the second time this week as European equities were broadly higher.
European markets
The pan-European Stoxx 600 closed 0.39% higher, while the DAX closed at a fresh record of 21,254 points, according to LSEG data.
Sportswear giant Adidas helped boost the German index, with shares ending 6% higher after the company said sales grew by 19% in its fourth-quarter results after the market close on Tuesday.
The athletic apparels maker said revenues were nearly 6 billion euros ($6.25 billion) in the last three months of 2024, stripping out currency fluctuations.
Analysts from JPMorgan, BNP Paribas, Exane and Oddo raised their price target for the shares after the release. The company is set to report its full-year results in March.
Across European equities, household goods, industrials, technology and insurance sectors led the market with more than 1% gains.
Siemens Energy shares gained nearly 7% after its chair said the company was in "in the sweet spot" to take advantage of President Donald Trump's strategy on energy policy. The stock rose more than 300% last year.
The U.K. meanwhile revealed that it borrowed £17.8 billion ($21.9 billion) in December last year, £10.1 billion more than in December 2023. The figure, the highest budget deficit recorded for December in four years, was also more than the £14 billion that most economists expected.
Global stock markets have traded higher this week as investors digested the first executive orders that newly inaugurated U.S. President Donald Trump signed on Monday.
Market gains were attributed to the fact that, while Trump issued a broad memorandum directing federal agencies to assess what he sees as unfair trade policies with foreign countries, he stopped short of authorizing new levies on his first day back in office. Investors took that as a sign that he may be less gung-ho about implementing tariffs than previously expected.
Asia-Pacific markets mostly rose overnight, while U.S. stocks climbed in morning deals as earnings landed.
The impact that Trump's second term in office might have on the global economy and geopolitics has been a key talking point at the World Economic Forum in Davos, Switzerland.