European Shares Near Record High as Tech Stocks Rise Despite Nvidia's Miss

European shares approached record highs on Thursday, led by gains in the technology sector, despite Nvidia's underwhelming quarterly results. The STOXX 600 index increased by 0.5%, with tech stocks rising by 1.1%. Key economic data from Sweden and Spain showed mixed results, while investors anticipate upcoming Eurozone inflation figures.

European shares were on the brink of hitting a record high on Thursday, boosted by technology stocks, despite Nvidia's quarterly results not meeting some investors' expectations.

The pan-European STOXX 600 index climbed 0.5% to 523.02 points, just shy of its June 7 record high of 525.59 points. Technology stocks led the gains, rising 1.1%, as traders largely dismissed Nvidia's disappointing quarterly forecast.

According to Richard Flax, chief investment officer at Moneyfarm, the relatively muted response in Europe and Asia is a positive indicator. Eyes are now on upcoming economic and business sentiment data from Europe, as well as German consumer price figures. These data points could influence the European Central Bank's policy stance.

In Sweden, the benchmark index rose by 0.6% following a 0.3% GDP decline in Q2, while Spain's IBEX 35 was up 0.3% after inflation dropped to 2.4% in August. Among notable narratives, French spirit makers' shares saw a boost after China lifted provisional measures on EU-imported brandy, with Remy Cointreau and Pernod Ricard rising 4% and 8%, respectively.

Delivery Hero topped the STOXX 600, with shares rising 5.2% after posting stronger-than-expected growth in its Q2 gross merchandise value.

(With inputs from agencies.)