European equities surged on Thursday as upbeat quarterly results from Nvidia (NASDAQ:NVDA) helped ease worries that lofty AI-driven valuations had stretched markets too far.
By 09:00 GMT, Germany’s DAX was up 0.9%, France’s CAC 40 rose 1%, and the U.K.’s FTSE 100 gained 0.7%.
Nvidia lifts global sentiment
Markets worldwide had been jittery earlier in the week, but Nvidia’s exceptional third-quarter results and confident outlook provided reassurance that the artificial-intelligence boom remains on solid footing. The world’s most valuable semiconductor company reported 62% year-on-year sales growth—its first acceleration in seven quarters—and CEO Jensen Huang pushed back against fears of an AI bubble, concerns that had knocked the stock nearly 8% lower in November after a staggering 1,200% rally over the past three years.
“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Jensen Huang told analysts during the earnings call.
The results sparked gains across Europe’s technology sector. Infineon (BIT:1IFX) and ASML (EU:ASML) traded sharply higher, while companies tied to AI-related hardware, including Schneider Electric (EU:SU) and Siemens Energy (TG:SIE), also advanced.
BNP Paribas boosts capital target
Investors in Europe were also digesting a fresh batch of corporate updates. Shares of BNP Paribas (EU:BNP) rallied after the French banking group raised its capital target, a move it said reflects stronger profitability.
JD Sports Fashion (LSE:JD.) cut its profit guidance as weakening consumer conditions weighed on sales across its key global markets in the third quarter.
Johnson Matthey (LSE:JMAT) posted a 38% increase in underlying operating profit for the first half of 2025-26 as it pushed forward with its restructuring and progressed with the planned £1.8 billion sale of its Catalyst Technologies division.
Footwear maker Dr. Martens (LSE:DOCS) reported an adjusted pre-tax loss of £9.2 million for the six months to September 28, but said reducing discounting in the U.S. and shifting production away from China should help cushion the impact of tariffs in the years ahead.
U.S. jobs report takes centre stage
German producer prices fell 1.8% in October from a year earlier—slightly less than expected—but attention is largely fixed on the U.S. nonfarm payrolls report for September, due later today.
The release was delayed by a 43-day U.S. government shutdown, which also resulted in the cancellation of the October report, increasing the importance of today’s figures ahead of the next Federal Reserve meeting. Economists expect employment to have risen by 50,000 jobs in September, more than double August’s 22,000 increase, with unemployment holding near a four-year high of 4.3%.
Oil prices on track for weekly gains
Crude prices advanced Thursday, heading toward weekly gains supported by a larger-than-expected drawdown in U.S. inventories. Brent crude rose 0.6% to $63.86 a barrel, while West Texas Intermediate climbed 0.6% to $59.59.
Both benchmarks remain set to end the week more than 1% higher, ahead of the November 21 U.S. deadline for companies to cease business with Rosneft and Lukoil, Russia’s largest oil producers.
Prices were also supported by Wednesday’s Energy Information Administration report showing U.S. crude stocks fell by 3.4 million barrels in the week ending November 14. However, oil had slumped sharply earlier on Wednesday following a Reuters report that the U.S. had urged Ukraine to accept a Washington-drafted framework aimed at ending the war with Russia.
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