Europe open: Stoxx touches new high as oil, Iran, Greenland in focus

(Sharecast News) - The rally in European shares continued on Thursday as the Stoxx index touched a new record with Iran, Greenland and oil prices in focus, while chipmakers were lifted by bumper quarterly results from Taiwan's TSMC. The pan-regional Stoxx 600 hit 613.80 in early deals, up 0.33%. Continental bourses were mixed with Germany's DAX and the UK's FTSE both lower.

Oil prices slumped after US President Donald Trump toned down his aggressive language towards Iran's leaders over the killing of anti-regime protestors.

Trump, who had threatened "very strong action" against the Islamic regime overnight claimed he had been told that killings in the crackdown on nationwide, protests were subsiding and he believed there was currently no plan for large-scale executions.

Brent crude gave up gains and plunged 3.3% lower to $64.27 a barrel while West Texas Intermediate tumbled by the same amount to $59.92 as supply fears eased.

Meanwhile talks in Washington between officials from Greenland, Denmark, and the US on Wednesday ended with "fundamental disagreement" over the ownership of the territory according to a Danish official.

On the economics front, UK GDP expanded by 0.3% in November, according to data from the Office for National Statistics shows, after shrinking a slightly in October. Economists had expected growth of just 0.1%

In equity news chipmakers surged after the world's largest manufacturer TSMC posted a 35% jump in fourth-quarter net profit, beating forecasts.

ASM International, BE Semiconductor Industries and ASML Holdings all jumped on the news.

VAT Group surged after the Swiss vacuum valve maker's fourth quarter sales beat forecasts.

Reporting by Frank Prenesti for Sharecast.com