WS #16905
European equities have surpassed previous closing records, driven by a broad rotation out of the artificial intelligence trade into value and industrial sectors. ArcelorMittal reported a 34% surge in Q3 earnings, benefiting from Europe's steel tariffs, while Matson anticipates significantly higher operating income due to elevated China freight rates. This shift suggests investors are positioning for a more inflationary, trade-restricted environment rather than a tech-led growth narrative.
European Market Rotation & Steel
European equities have surpassed previous closing records, driven by a broad rotation out of the artificial intelligence trade into value and industrial sectors. ArcelorMittal reported a 34% surge in Q3 earnings, benefiting from Europe's steel tariffs, while Matson anticipates significantly higher operating income due to elevated China freight rates. This shift suggests investors are positioning for a more inflationary, trade-restricted environment rather than a tech-led growth narrative.