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(Sharecast News) - European shares hit a fresh intra-day high on Wednesday on initial relief that the latest regime of US tariffs remained at 10% instead of the 15% threatened by President Donald Trump while worries about the impact of artificial intelligence on jobs also eased.
The pan-regional Stoxx 600 index was up 0.53% to 6302.46 at 1203 GMT, having reached 632.74 earlier in the session. Britain's FTSE 100 also touched a fresh peak, driven by solid earnings from HSBC.
"As a whole, the positive sentiment seen throughout Europe does look to be a reflection of the upbeat tone seen in both the US and Asia, with indices all moving higher in tandem," said Scope Markets analyst Joshua Mahony.
"The banking sector found itself in the limelight after recent claims that AI advances would slash their margins and erode profits through new tools that would automatically search and switch to the most competitive products."
Germany's DAX fell 0.11% after a survey showed geopolitical concerns are expected to hit German consumer sentiment next month.
The consumer sentiment index, published by the GfK market research institute and the Nuremberg Institute for Market Decisions (NIM), fell to -24.7 points for March from a revised -24.2 in the previous month.
The dump of corporate earnings continued, with HSBC up after the lender reported a better-than-expected annual results despite a 7.4% fall in pre-tax profits.
Diageo fell as the drinks giant cut its full-year guidance and halved the dividend after weak trading in North America weighed heavily after unveiling annual results that exceeded expectations and a cost-saving plan that could result in up to 2,100 job cuts.
Small appliance and Tefal maker SEB soared after reporting better-than-expected annual results and unveiling a cost-saving plan that could result in up to 2,100 job cuts.
Insurer Hiscox was up as it unveiled a $300m share buyback along with annual results, while Vopak surged on a jump in profits at the tank storage provider.
Reporting by Frank Prenesti for Sharecast.com
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