European stocks opened higher on Thursday, driven by shares of artificial intelligence chip companies which saw a significant jump after TSMC reported record profits.
The pan-European STOXX 600 index rose 0.28% in the first hour of trading. Shares in Dutch semiconductor equipment manufacturer ASML jumped 7% at the start of trading, as investors reacted to better-than-expected earnings from Taiwanese company TSMC.
TSMC announced a 35% increase in fourth-quarter profits, exceeding expectations and setting a new record, amid continued strong demand for artificial intelligence chips.
UniCredit shares rose 1.1% at the start of trading after the Italian bank stated on Thursday that recent reports of its intention to buy a stake in rival Banca Monte dei Paschi di Siena were merely unfounded speculation.
Regional investors will be assessing the outcome of a crucial meeting held on Wednesday between high-level officials from the United States, Denmark and Greenland to discuss ownership of the Arctic island.
US President Donald Trump sees the semi-autonomous Danish territory as vital to national security and has threatened to seize it by force if necessary.
A meeting held at the White House on Wednesday between officials from Greenland, Denmark, and the United States ended with a fundamental disagreement over ownership of the island, according to a Danish official who spoke after the meeting, but stressed that the two sides would continue the dialogue.
Prior to the talks, Trump emphasized his desire to annex the territory, stating on social media that anything less than Greenland joining the United States was unacceptable.
Traders are also closely monitoring developments in Iran after Trump threatened military action if it executes protesters arrested during a violent crackdown on demonstrations across the country.
But Trump appeared to soften his tone Wednesday evening, saying he had received assurances that the executions had stopped and that he would closely monitor the situation before taking any potential military action. Iran reopened its airspace early Thursday morning after a temporary closure that had prevented most incoming and outgoing flights from entering.
