Europe's STOXX 600 hovered near record highs on Friday and headed for its best week since mid-May, supported by gains in defence and cyclical stocks. Investors shrugged off near-term US rate concerns as easing Middle East tensions broadened the rally beyond technology shares. Siemens led gains in Germany, while defence stocks benefited from expectations of higher military spending amid escalating geopolitical risks.

The STOXX Europe 600 Index is up 9.04 points or 1.41% today to 648.35

Europe's STOXX 600 hovered near record highs on Friday and headed for its best week since mid-May, supported by gains in defence and cyclical stocks. Investors shrugged off…