US Stocks Hit New Highs Despite Shutdown; Steel Sector Soars in Europe
The US stock market demonstrated remarkable resilience this week, with the S&P 500 and Nasdaq indices reaching new highs despite the ongoing government shutdown. Meanwhile, the steel sector saw significant gains across Europe, with ThyssenKrupp leading the MDax with a 6 percent increase. Analyst Tristan Gresser of Exane BNP Paribas has expressed optimism about the sector, upgrading Salzgitter's rating to 'outperform'.
The US market's strength can be attributed to expectations of further monetary policy easing and a robust economy. The S&P 500 and Nasdaq indices hit new peaks, undeterred by the shutdown. In Europe, steel stocks remained in high demand, with the MDax rising by 0.82 percent to 30,986 points. ThyssenKrupp's strong performance led the index, gaining 6 percent. The EuroStoxx 50 also rose by 0.2 percent.
Analyst Tristan Gresser played a significant role in the steel sector's optimism. On Friday, July 25, 2025, he upgraded Salzgitter's rating to 'outperform', sending its stock to a new two-year high. Gresser's positive outlook on the steel sector comes despite acknowledging its challenges. Hochtief shares also soared to another record high following a major US order.
The US stock market's resilience, coupled with the steel sector's strong performance in Europe, paints a positive picture for investors. Despite the government shutdown, the US market continues to break records. The steel sector's optimism, fueled by analyst upgrades like Gresser's, suggests a promising outlook for the industry. However, the upcoming jobs report for September may be delayed due to the shutdown, potentially impacting market sentiment.
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