European corporate earnings increased 17%, the strongest growth in four years, while regional economic momentum reached its highest level since March 2023. ASML and Infineon Technologies have gained more than 60% this year as investors seek semiconductor exposure. European banks have climbed 22% as investors seek alternatives to volatile U.S. technology stocks. The Stoxx 600 now trades at 15 times projected earnings, its smallest discount to the S&P 500 in four years. Related articlesEuropean stocks draw investors as earnings and growth strengthenEuropean laggards are rebounding - how far can they go?