LONDON, Nov 12 (Reuters) – European shares hit a record high on Thursday, building on gains driven by a strong third quarter earnings season and the recent drop in energy prices.
The STOXX 600 rose 0.3% on the day by 0804 GMT to surpass its previous record set in August.
Brent crude is trading around $93 a barrel, well off recent highs, and European gas prices have also fallen due to more flows coming out of the Gulf and traders turning less nervous about a re-escalation in the conflict. [O/R]
European shares have also been supported by strong third quarter earnings. STOXX 600 earnings growth accelerated from 22% to 28%, the strongest in four years, according to Deutsche Bank.
The broad European index has risen more than 12% so far this, with energy stocks still carrying the greatest weight, up 36% thanks to gains earlier in the year.
The S&P 500 is up around 11%.
(Reporting by Sophie Kiderlin and the London markets team, editing by Alun John, Danilo Masoni)
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