STOXX 600 hits record high: why are European stocks outperforming Wall Street?

Impact · against what's priced in

The updates for Siemens and Merck KGaA provide concrete upward revisions to growth and earnings targets that are not yet reflected in valuations. Siemens' raised medium-term growth target and record order book create a tangible link to AI infrastructure spending, while Merck's third guidance raise of the year establishes a higher earnings floor for 2026.

SIE.DE+0.60

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In context

Siemens raised its medium-term comparable revenue growth target to 7%–11% from 6%–9%, supported by a record order book of €34.77bn driven by data center electrical infrastructure.

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• inflation▲42%
• guidance
• data centers
• healthcare
• earnings
• oil
• MRK.DE
• SIE.DE
• ai capex
• europe