Evening digest: European stocks hit records, Bitcoin tops $62K

Europe’s major stock markets ended higher on Friday, with the STOXX 600 and Germany’s DAX hitting record highs as investors rotated into cyclical sectors.

Bitcoin climbed above $62,000 as large holders accumulated coins despite record ETF outflows.

Tesla expanded its robotaxi service to Miami as competition in autonomous driving intensified.

Poland’s prime minister warned that the coming months could be “critical” amid reports of a potential Russian provocation.

European markets hit record highs

European equities closed higher on Friday, with the STOXX 600 rising 0.7% to a record close after touching an intraday high of 652.35.

The index recorded its strongest weekly gain since mid-May. Germany’s DAX advanced 0.8% to another all-time closing high.

In the UK, the FTSE 100 added 0.2% to 10,679.03, while the FTSE 250 rose 0.5%, securing weekly gains for both indices.

The rally was driven by cyclical sectors, including industrials, financials and defense stocks, as investors broadened exposure beyond technology.

Defense stocks rose 0.7% after Russia launched its deadliest strike on Ukraine this year, reinforcing expectations for higher European defense spending.

Banks, financial services and industrials also advanced during the week, supported by easing geopolitical tensions in the Middle East.

Among individual movers, Siemens gained 2.6% after Kepler Cheuvreux upgraded the stock to “hold” from “reduce.” Semiconductor-related names also rallied, with Aixtron up 6%, Soitec up 5%, and BE Semiconductor Industries gaining 4.2%.

Bitcoin climbs above $62,000 on whale accumulation

Bitcoin rose to as high as $62,550, its strongest level since June 24, according to CoinMarketCap data, as global markets remained closed for the US Independence Day holiday.

Market participants said the move reflected steady buying, though resistance remains nearby.

Trader Daan Crypto Trades highlighted the 200-week simple moving average near $62,652, stating: “It is key for BTC now to hold this breakout and maintain its low timeframe bullish market structure.”

According to Bitfinex analysts, wallets identified as whales accumulated more than 270,000 Bitcoin worth about $16.7 billion over two weeks, even as US spot Bitcoin ETFs recorded $4.06 billion in outflows during June.

“The knee-jerk reaction from investors was to push stock index futures higher, signaling a regime where bad economic news is good for stocks due to the impact on the rate outlook,” Mosaic Asset Company said.

Tesla expands Robotaxi service to Miami

Tesla expanded its robotaxi service to Miami on Friday, marking another step in its autonomous driving rollout. The company said: “Robotaxi now available in Miami,” in a post on X.

The move follows launches in Austin, Dallas and Houston as Tesla continues expanding its self-driving platform.

Competition in the sector is intensifying, with Alphabet’s Waymo and Amazon’s Zoox also scaling operations.

According to Texas regulatory filings, Tesla operates 42 robotaxis in the state, compared with 577 vehicles registered by Waymo in Texas.

Tesla said in April it was preparing to expand robotaxi operations to five additional cities, though Elon Musk has said the network is unlikely to generate meaningful revenue this year.

Poland warns of possible Russian threat escalation

Poland’s prime minister Donald Tusk said the country is preparing for “various” scenarios as concerns grow over potential Russian actions in the region.

“I don't mean to scare anyone but the coming months may truly be critical, also due to the changing nature of the war. These concerns are particularly palpable in the Baltic states,” Tusk told reporters on Friday.

Reports cited by Polish media suggested Moscow could be planning a provocation targeting NATO territory to test allied resolve, though no official confirmation was provided.

The White House and US State Department did not comment on the reports.

Tusk added: “Let's not be afraid, we are preparing for various situations, but we cannot ignore them... We are aware of the threats, also thanks to information from our allies”.

NATO leaders are expected to meet in Turkey next week, where defence spending and support for Ukraine will be key topics.