According to CoinMeta, European stock markets broke through their previous closing highs, with the Pan-European Stoxx 600 index rising by 0.5% and surpassing its earlier high set in August. Mining and consumer goods stocks led the gains. This round of increases was mainly driven by investors shifting from artificial intelligence trading to defensive sectors, as well as a strong earnings season. The clear results of the U.S. mid-term elections sparked a general increase in market risk appetite, and the decline in international oil prices below $100 per barrel also provided support for European stock markets. Since the beginning of October, the Pan-European benchmark index has outperformed indices of all countries in the MSCI region, and is on track to record the best quarterly relative performance since the first quarter of 2025.