(Bloomberg) — European stocks rose following a slate of positive results, including from BAE Systems Plc and Puig Brands SA.
The Stoxx Europe 600 Index was up 0.5% at 9:16 a.m. in Paris. Mining and industrial shares were leading gains, while chemicals were among the biggest laggards.
BAE Systems gained 5% after the defense firm predicted continued solid sales and earnings growth for the year after a record 2025. Puig climbed 6% after its like-for-like revenue beat analyst estimates.
EssilorLuxottica SA fell as much as 3.3% after Bloomberg reported that Apple is accelerating development on new wearable devices, including smart glasses.
The region’s benchmark gained ground this week as investors rotated into defensive shares amid worries about artificial intelligence disruption. Overall sentiment remains upbeat, with the latest Bank of America Corp. survey showing that a net 78% of fund managers expect near-term gains for European equities on the back of German stimulus.
“The AI scare trade is creative destruction in the making and when one doesn’t know how it will unfold, one diversifies, and that’s exactly what the market is doing,” said Nicolas Domont, a fund manager at Optigestion in Paris, who moved more investments to European shares at the expense of the US.
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