Europe Markets Rise as Eutelsat Surges 12% Amid SpaceX Rivalry and Geopolitical Tension
European stock markets edged slightly higher on Thursday as investors balanced optimism in the tech and aerospace sector with concerns over global geopolitical tensions and weakening economic data across parts of Europe. The pan-European Stoxx 600 rose about 0.2%, with major exchanges in Germany, France, and Italy posting modest gains, while London’s FTSE 100 remained nearly flat.
One of the biggest market stories came from satellite operator Eutelsat, which surged 12.8% in a single session and is now up more than 22% for the week. Often described as Europe’s closest competitor to Elon Musk’s SpaceX, the company’s rally has drawn investor attention ahead of SpaceX’s expected blockbuster IPO, which could value the U.S. space firm at around $1.75 trillion.
The surge also lifted other space and satellite-related stocks, including Germany’s OHB SE and Luxembourg-based SES S.A., both of which recorded gains as investor interest in Europe’s space industry continues to grow. However, analysts still highlight a massive valuation gap between European players and SpaceX, underscoring the scale difference in the global space race.
Elsewhere in corporate earnings, low-cost airline easyJet posted a modest share rise despite reporting higher losses, as disruptions linked to Middle East tensions impacted bookings and increased operating costs. Meanwhile, gaming giant Ubisoft saw its shares fall sharply after reporting a significant annual operating loss, raising fresh concerns about its financial performance.
On the broader economic front, investors also digested mixed corporate results from firms like BT Group and insurance heavyweight Generali, while new flash PMI data from the UK and France signaled slowing business activity. At the same time, oil prices remained elevated as markets reacted to ongoing geopolitical uncertainty, even as diplomatic discussions involving the U.S. and Iran showed cautious signs of progress.
source: cnbc