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European shares near record high as lower oil prices boost sentiment

By Reuters News

Nov 10 (Reuters) - Europe's benchmark STOXX 600 opened higher on Tuesday and hovered near its record high in broad-based buying, as oil prices fell after US President Donald Trump downplayed the need for military action against Iran "at this point".

The STOXX 600 index .STOXX gained 0.9% to 662.54 by 0805 GMT, with benchmark indexes in Germany .DAX, France .FCHI and Italy .FTMIB up about 1% each.

The pan-European benchmark was trading within 1% of its record high, last reached in early August on hopes for a resolution to the Middle East conflict.

Tuesday's gains were driven by renewed expectations that easing tensions in the region could curb energy-driven inflation and reduce pressure for higher interest rates.

Brent crude fell more than 2% to $90 a barrel after Trump's comments, boosting airlines that have been grappling with elevated fuel costs. Lufthansa LHAG.DE gained 1.8% and Air France-KLM AIRF.PA added 1.2%.

Among individual stocks, Infineon IFXGn.DE added 3.1% after the chipmaker forecast revenue growth of more than 20% in 2027 and a roughly five-percentage-point increase in profitability, driven by demand from data centres, power infrastructure and software-defined vehicles.

Potash producer K+S SDFGn.DE added 2.3% after beating third-quarter earnings expectations.

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