European Stocks Hit Record High as Investors Bet on Fed Cuts

European stocks extended a record-breaking rally as investors ramped up wagers on Federal Reserve interest-rate cuts following downbeat economic data.

The Stoxx 600 gained 0.5% to close at a fresh record high. Autos and tech stocks led the gains, while real estate and banks were the biggest laggards. Among individual names, Siemens AG climbed 4.2% after people familiar with the matter said the firm is exploring spinning off a large part of its majority stake in Siemens Healthineers AG.