European shares rise on mining gains; tech lags 

Nov 5 (Reuters) - European ‌shares opened ​higher ​on Thursday, led by gains in mining companies, while technology shares lagged ‌as investors weighed the implications of a ⁠Democratic sweep in the US midterm elections on the ‌sector.

The pan-European STOXX 600 ‌index rose 0.5% to 660.33 points by 0807 GMT and was near a two-month high ​it hit in the previous session.

Basic resources rose 2.7%, boosted by ArcelorMittal's 6% gain after ⁠the world's second-largest steel maker topped core profit expectations.

Markets also ​took comfort from Brent crude prices that traded below $100-a-barrel on expectations that the ​recent loss for Republicans could ‌prompt President Donald Trump to avoid escalating the conflict with Iran.

Technology stocks ⁠came under pressure, with ASML down 2.7% and Soitec off 4.5%, tracking declines in Asia, on ⁠concerns that increased scrutiny by Democrats could slow down ​AI buildout in the US.

Rheinmetall slid 14% after cutting its 2026 sales forecast for the second time in three ‌months, saying it no longer expected a contract award this year for ‌Germany's Arminius Boxer vehicle programme and that revenue ⁠from artillery ammunition ‌would be delayed ​by slower batch approvals.

(Reporting by Johann M Cherian in Bengaluru; Editing by Harikrishnan ‌Nair)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Canadian crude discount with U.S. at widest level since 2018
• Dozens of pilot whales stranded on New Zealand coast
• Russia says it struck logistics and transport targets in Ukraine overnight