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<\/p>\nTHE Stoxx 600 index closed at a record high on Thursday, led by gains in energy stocks after the US imposed new sanctions on Russia, while investors also gauged the health of corporate Europe from a batch of earnings reports.<\/p>\n
The continent-wide benchmark index ended 0.37 per cent higher at 574.43 points.<\/p>\n
Energy stocks gained 2.7% and marked their strongest session since mid-April as crude prices soared 5% after the U.S. slapped sanctions on major Russian suppliers over Moscow\u2019s intensifying war with Ukraine.<\/p>\n
\u201cOn the face of it, the announcement of sanctions by the U.S. on Rosneft and Lukoil is a major escalation in the targeting of Russia\u2019s energy sector and could be a big enough shock to flip the global oil market into a deficit next year,\u201d said David Oxley, chief climate and commodities economist at Capital Economics.<\/p>\n
\u201cThat said, the lasting impact on the oil market and oil prices will depend on how long any sanctions remain in place, and how effectively they are enforced.\u201d<\/p>\n
Meanwhile, quarterly updates from\u00a0European\u00a0companies were in full swing as market participants looked for signs of whether trade uncertainty was impacting corporate profitability.<\/p>\n
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Luxury stocks gained 1.2%, with Kering jumping 8.7% after the Gucci owner said sales in the previous quarter declined less than analysts had expected.<\/p>\n
On the other hand, travel and leisure stocks slid 2.2%, hurt by a dour forecast from Sodexo and disappointing results from Evolution. Both stocks lost 7% each.<\/p>\n
Shares of STMicroelectronics <<\/p>\n
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