Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Indexes
  3. Switzerland
  4. Switzerland
  5. Euro Stoxx 50
  6. News
  7. Summary


SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European shares dragged down by tech's worst day since October

05/04/2021 | 12:16pm EDT
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European shares ended lower on Tuesday, with the technology sector having their worst day since late-October after a sudden drop in big U.S. tech stocks.

The pan-European STOXX 600 index shed 1.4%, with tech stocks losing 3.8% and some analysts attributing the drop to profit taking.

Tech stocks are trading near record highs on a stellar earnings season and broader optimism over an economic recovery.

"It's a combination of a sell-off on the winners of the past months... with the month of May and a 'nervous' positioning," said Angelo Meda, portfolio manager at Banor SIM in Milan.

The tech-heavy Nasdaq slipped more than 2%, from near record-high levels, with highly-valued tech companies bearing the brunt of selling. [.N]

In Europe, Germany's bourse shed 2.5%, the most in the region, due to its high composition of tech stocks.

Chipmaker Infineon fell 5.9% and was among the top drags on the German index, after CEO Reinhard Ploss said he was expecting supply constraints in the automotive segment to only ease in the second half, with lost volumes likely to be made up in 2022.

Europe's automakers fell 3.2%.

Miners rose 0.2%, and oil and gas stocks fell the least, supported by strong resource prices as investors bet on a strong global rebound after massive vaccination drives in developed countries and unprecedented stimulus.

German meal-kit delivery company HelloFresh fell 6.7% as worries about consumer behaviour, amid easing lockdowns, overshadowed a surge in first-quarter customer base.

Software company Teamviewer, another stay-at-home beneficiary, dropped 12.3% despite reporting quarterly orders and core profit ahead of expectations.

More than half of the STOXX 600 companies have reported so far in what has largely been a positive earnings season, with 73% of them topping profit expectations, as per Refinitiv IBES data.

Jewellery maker Pandora jumped 6.0% to the top of the STOXX 600 after reporting quarterly operating profit above estimates, fuelled by strong online sales and plans to push for growth in the United States and China.

Norwegian hydrogen firm Nel slumped 15.8% to the bottom of the STOXX 600 after its first quarter results missed expectations.

(Reporting by Sruthi Shankar in Bengaluru; Additional reporting by Danilo Masoni; Editing by Anil D'Silva and Alexander Smith)

By Sruthi Shankar and Ambar Warrick

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO STOXX 50 0.87% 4034.25 Delayed Quote.13.56%
LONDON BRENT OIL -0.35% 68.65 Delayed Quote.32.01%
NASDAQ COMP. 0.88% 13752.236737 Delayed Quote.6.70%
STOXX EUROPE 600 NR 0.94% 991.27 Delayed Quote.12.70%
WTI -0.34% 65.22 Delayed Quote.34.68%
All news about EURO STOXX 50
05/07European Bourses Higher Midday on Earnings, Global Economic Outlook
05/06EUROPE : European shares end lower as oil, tech losses offset earnings boost
05/06European Bourses Steady Midday After Bank of England Decision
05/06AIR LIQUIDE  : Voting Rights
05/05EUROPE : European stocks bounce back from tech rout on strong data, commodities
05/04EUROPE : European shares dragged down by tech's worst day since October
05/04European Bourse Edging Higher Midday Despite Tech-Sector Weakness
05/04PRESS RELEASE  : Vonovia SE: Focus on climate -2-
05/03EUROPE : European stocks close higher on positive data, reopening hopes
05/03European Bourses Track Higher Midday on Factory PMIs, Eased Pandemic Restrict..
More news
News of the index components EURO STOXX 50
12:19aTOTAL  : Fitch Affirms Total's AA- Rating On Higher Hydrocarbon Prices, Demand
05/10SCHNEIDER ELECTRIC SE : Ex-dividend day for final dividend
05/10DANONE : Ex-dividend day for final dividend
05/10KONINKLIJKE PHILIPS N.V. : Ex-dividend day for final dividend (optional)
05/09AIR LIQUIDE  : Dutch government grants $2.4 billion in subsidies to huge carbon ..
05/09DAIMLER  : Much-promising final rehearsal for the legendary 24-hour race
05/09DAIMLER  : 2021 Spanish Grand Prix - Sunday
More news
Duration : Period :
Euro Stoxx 50 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
ADIDAS AG 280.6 Delayed Quote.8.42%
NOKIA OYJ 4.2665 Delayed Quote.5.00%
AMADEUS IT GROUP, S.A. 59.02 Delayed Quote.3.51%
SIEMENS AG 144.28 Delayed Quote.2.95%
ASML HOLDING N.V. 543.9 Real-time Quote.2.66%
ANHEUSER-BUSCH INBEV 61.28 Real-time Quote.-0.75%
VOLKSWAGEN AG 210.75 Delayed Quote.-0.78%
DEUTSCHE POST AG 51 Delayed Quote.-0.97%
INDUSTRIA DE DISEÑO TEXTIL, S.A. 30.78 Delayed Quote.-1.16%
AXA 22.73 Real-time Quote.-5.92%
Heatmap :