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Delayed Quote. Delayed Switzerland - 05/10 11:50:00 am
4023.35 PTS   -0.27%
After hours
4003 PTS
12:21pEUROPE : European stocks end at record highs as miners rally
07:43aEuropean Bourses Uneven Midday, Tech Issues Soft
01:39aStocks cheer prospects for low rates, oil rides pipeline outage higher
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European shares rebound on strong earnings, M&A speculation boosts Hugo Boss

04/21/2021 | 12:17pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks bounced back on Wednesday after their worst sell-off this year as optimism about a strong earnings season countered worries about a rapid rise in COVID-19 cases in some countries.

The pan-European STOXX 600 index rose 0.7% after a blistering seven-week rally ran into a bout of profit-taking on Tuesday, when it fell 1.9%.

Healthcare stocks gave the STOXX 600 its biggest boost, with Swiss drugmaker Roche jumping 3% after predicting a surge in demand for its drugs for the remainder of 2021.

Semiconductor equipment maker ASML jumped 4.1% to lift tech stocks after it raised its full-year sales forecast, citing strong demand amid a global computer chip shortage.

Smaller rival ASM International rose 1.2% on forecasting a rise in second-quarter orders.

European company earnings are expected to rise a record 61% in the first quarter of 2021, based on Refinitiv IBES data, placing Europe on course for a rare outperformance versus corporate America.

"(But, markets) remains all-too-aware that earnings season provides the potential for some more downside as companies find themselves struggling to spin a positive case to justify further appreciation in their stock prices," said Chris Beauchamp, chief market analyst at IG.

With global equities trading at all-time highs and earnings expectations surging as vaccination drives and stimulus programmes support global recovery, concerns about stretched valuations remain.

On Wednesday, the European Union crossed one its last major hurdles to launch a 750 billion euro ($900 billion) recovery fund.

But, other risks such as inflation and a stock market correction are starting to become more dominant than the pandemic, a top official at Norway's $1.3 trillion wealth fund said.

German fashion house Hugo Boss jumped 6.7% to a one-year high, with traders citing a media report of takeover interest in the company, including from French luxury goods maker LVMH.

The world's second-largest brewer Heineken NV and French luxury goods group Kering were among other stocks to rally after upbeat results.

Among decliners, Italian football club Juventus slumped 13.7% after breakaway European Super League founder and Juventus chairman Andrea Agnelli said the league can no longer go ahead after six English clubs withdrew.

On Thursday, the European Central Bank's meets but no policy changes are expected to be made.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta and Jane Merriman)

By Sruthi Shankar and Susan Mathew

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASM INTERNATIONAL N.V. -2.74% 255.1 Real-time Quote.45.76%
ASML HOLDING N.V. -3.35% 525.7 Real-time Quote.36.81%
EURO STOXX 50 -0.27% 4023.35 Delayed Quote.13.56%
HEINEKEN N.V. 0.06% 99.5 Real-time Quote.9.01%
HUGO BOSS AG -0.19% 42.59 Delayed Quote.56.36%
JUVENTUS FOOTBALL CLUB S.P.A. -5.02% 0.7005 Delayed Quote.-9.46%
KERING 1.34% 704.4 Real-time Quote.16.94%
LVMH MOËT HENNESSY LOUIS VUITTON SE -1.01% 625 Real-time Quote.23.59%
ROCHE HOLDING AG -0.48% 301.75 Delayed Quote.-1.88%
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Duration : Period :
Euro Stoxx 50 Technical Analysis Chart | MarketScreener
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
ADIDAS AG 288.075 Real-time Estimate Quote.2.66%
BANCO SANTANDER, S.A. 3.294 Real-time Estimate Quote.2.43%
INDUSTRIA DE DISEÑO TEXTIL, S.A. 31.395 Real-time Estimate Quote.2.00%
BNP PARIBAS 55.82 Real-time Quote.1.90%
ING GROEP N.V. 11.012 Real-time Quote.1.83%
NOKIA OYJ 4.176 Real-time Estimate Quote.-2.12%
FLUTTER ENTERTAINMENT PLC 163.8 Real-time Quote.-2.88%
ASML HOLDING N.V. 525.7 Real-time Quote.-3.35%
PROSUS N.V. 86.6 Real-time Quote.-3.50%
ADYEN N.V. 1840 Real-time Quote.-3.82%
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