European markets ride oil tailwinds, but can they challenge Wall Street’s tech supremacy?

European equities are rallying as lower crude oil prices following the Iran ceasefire ease inflation pressures and improve corporate margin outlooks. The STOXX 600 has hit record highs, but investors remain sceptical that the gains will last or divert capital from Wall Street, where AI-driven earnings growth continues to dominate. The divergence highlights ongoing concerns about Europe's structural growth relative to US tech-led markets.