Global Market Update: Europe's STOXX 600 hits record high, eyes best weekly gain since mid-May

Europe STOXX 600 hovered near record highs, heading for its best weekly gain since mid-May, supported by gains in defence and cyclical stocks. Investors shrugged off near-term US rate concerns as easing Middle East tensions broadened the rally beyond technology shares. Siemens led gains in Germany while defence stocks benefited from expectations of higher military spending amid escalating geopolitical risks.