European shares close at record high driven by defence stocks
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European shares closed at a record high on Friday, driven by defence and insurance stocks, as investors turned optimistic with just a handful of trading days left before the end of the year after a selloff earlier this week. The pan-European STOXX 600 rose 0.4% to 587.50, a day after logging its best one-day performance in more than three weeks and ending the week up 1.7%. The index is on track for its best annual performance since 2021, aided by falling interest rates and global investors diversifying from premium-valued U.S. technology stocks. Major regional markets were also higher, with Germany's DAX up 0.4% and London's FTSE 100 gaining 0.6%. Aerospace & defence stocks led sector gains, with heavyweight banks adding 0.8%. British lenders Standard Chartered, Barclays and HSBC all gained between 0.9% and 1.4%. Live Events The banking index has risen 65% so far this year, while defence is up almost 60%. "Banks ...