Europe open: Stoxxs breaches 550; Adyen surges on results

(Sharecast News) - European stock markets once again hit fresh records at the open on Thursday amid a busy day of corporate earnings and economic data.

The pan-regional Stoxx 600 index was up 0.42% at 549.84, having hit 551 earlier in the session. Germany's DAX also moved into record intra-day territory, touching 22,452 points.

"European markets are in an optimistic mood ... shrugging off concerns about wider US tariffs. The interest rate outlook this side of the Atlantic is looking much more benign which is helping to give equity markets a boost. But don't forget that's partly due to a more sluggish economic environment. Corporate earnings can often provide the most accurate pulse check and there's plenty to unpack today," said Hargreaves Lansdown analyst Derren Nathan.

In economic news, the UK economy unexpectedly grew by 0.1% in the fourth quarter, beating expectations for a 0.1% contraction, according to an official preliminary estimate.

Meanwhile, German inflation was confirmed at 2.3% in January due to lower food and energy prices.

In equity news, Dutch payments company Adyen surged after full-year earnings came in above market expectations.

Siemens shares were higher after the German technology group reported better-than-expected first-quarter profits.

Nestle shares rose after the multinational food company posted a forecast-beating rise in annual sales growth due to price hikes.

Finnish oil refiner and biofuel maker Neste slumped after the company said it would axe around 600 jobs as market oversupply hit quarterly earnings.

Reporting by Frank Prenesti for Sharecast.com