STOXX 600 Nears Record High as Siemens Energy Gains 6.5%
Key Facts
The STOXX 600 traded near record levels on November 11 after opening higher, supported by outlooks from Siemens Energy and CoreWeave, according to Reuters coverage. Siemens Energy shares rose 6.5%, while the broader European technology sector gained 1.7%. The coverage said the companies’ strong outlooks helped ease concerns about the prospects for investment in artificial intelligence. But inflation concerns capped gains, preventing optimism from turning into an unrestrained market advance. In the previous session, the index closed 0.8% below its record high.
The index’s move followed the November 10 session, when it rose 0.27% to 658.32 points, according to Reuters data published via MarketScreener. Session data showed banks led sector gains, rising 1.7%. The coverage attributed support for risk appetite to lower oil prices and easing concerns about an escalation between the United States and Iran. These factors place the November 11 move within a rally preceded by broader market drivers, alongside company news. The index ended the November 10 session near its record high set in early August.
The corporate earnings season provided an additional backdrop to European gains, with Reuters reporting that estimates for third-quarter earnings growth rose to 25%, from a previous estimate of about 16%. In its fiscal 2026 results, Siemens Energy reported an 18.8% like-for-like increase in orders to 68.1 billion euros. The book-to-bill ratio was 1.54, while its order backlog reached a record 164 billion euros. These figures reflect the company’s strong accumulated demand, alongside its forecast for business growth in the following fiscal year. Siemens Gamesa also reached break-even for the full year after its profit before special items improved by about 1.4 billion euros year on year.
Siemens Energy expects electricity demand to continue rising, also driven by new large-scale consumers such as data centers. It said the expansion of data centers to support the adoption of artificial intelligence is likely to increase investment in power generation capacity and grid infrastructure, particularly in North America. The company sees its Gas Services and Grid Technologies divisions among the beneficiaries of this demand. In its fiscal 2027 outlook, it set like-for-like revenue growth at between 14% and 16%, and a profit margin before special items of between 14% and 16%. It also expects net income of about 5 billion euros, in a fiscal year following the record orders it reported.
CoreWeave said third-quarter revenue was 3.7 billion dollars, up 168% year on year and by more than 1 billion dollars quarter on quarter. The company raised the lower end of its 2026 capital expenditure forecast, setting a range of between 37 and 39 billion dollars, compared with a previous range of between 35 and 39 billion. It said the increase reflects its expectation of deploying infrastructure and delivering it to customers ahead of schedule. It added more than 200 megawatts of active capacity during the quarter, taking the total above 1.7 gigawatts, double its active footprint since the start of the year. These expansions link revenue growth with the large investment required to meet demand for AI computing.
CoreWeave’s chief executive said adjusted operating margins reached the double digits one quarter ahead of schedule, and that about 9 billion dollars in customer prepayments and deposits are expected over the three months following the results announcement. The company’s shares, listed under the ticker CRWV, closed at 48.73 on November 10, according to EL7 data, which does not specify the currency. On the same day, shares listed under the ticker SMERY closed at 27.21, according to the same source, which also does not specify the currency. Siemens Energy proposed an annual dividend of 2.30 euros per share for fiscal 2026, compared with 0.70 euros per share in fiscal 2025. It also announced plans to buy back additional shares worth up to 9 billion euros through the end of fiscal 2030.
Siemens Energy set December 10, 2026, as the date for publication of its full annual report for fiscal 2026. The date follows its results for the year and its fiscal 2027 outlook, which included like-for-like revenue growth of between 14% and 16% and net income of about 5 billion euros. Meanwhile, expectations for demand tied to data centers and energy remain part of the backdrop to news about both companies in the European market. Trading on November 11 combined gains in Siemens Energy and the technology sector with inflation concerns that restrained the index’s advance. The available information does not include the index’s closing level in that session.