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Delayed Quote. Delayed Switzerland - 01/21 11:50:00 am
4229.56 PTS   -1.63%
After hours
4191.28 PTS
12:49pEURO STOXX 50 Index Ends the Week 1.00% Lower at 4229.56 -- Data Talk
06:39aEuropean Bourses Track Lower Midday, Oil and Tech Issues Slip
01/20EURO STOXX 50 Index Ends 0.73% Higher at 4299.61 -- Data Talk
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks dip from record highs after 8-day bull run

11/09/2021 | 12:04pm EST
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European shares retreated from record highs on Tuesday, although strong corporate earnings and hopes of a recovery kept losses limited as investors awaited fresh cues from economic data due this week.

The pan-European STOXX 600 closed 0.2% lower at 482.71 points, holding just below its record peak hit last week.

Insurers were among the biggest drags on continental European markets, falling 0.8%. German group Munich Re fell 2.5% after warning of more COVID-related losses in its reinsurance business.

British insurer Direct Line also slipped 4.2% after reporting lower-than-expected growth in quarterly premiums.

Bank stocks tracked declines in bond yields, while basic resources stocks shed 1.1%.

Renault rose 3.8% to the top of France's CAC 40 after its Japanese partner Nissan reported a quarterly profit and hiked its full-year forecast.

The STOXX 600 had marked eight straight sessions of gains, with France's CAC 40 and Germany's DAX breaching new records in the first week of this month on the back of strong corporate earnings and the European Central Bank's dovish stance.

A survey showed investor sentiment in Germany, the euro zone's biggest economy, rose unexpectedly in November on hopes that inflation will ease next year and economic growth will pick up.

"The equity rally has been impressive," said Ankit Gheedia, head of BNP Paribas' equity and derivatives strategy for Europe.

"How long companies can keep profit margins elevated is going to be the key indicator for when the bull market is over, and, so far, all signs suggest profit margins should stay supported in the medium-term."

Investors are now awaiting inflation data from the euro zone's largest economy, as well as industrial production data for the bloc, later in the week.

Retail stocks were the best performers for the day, rising 1.2%, while declining bond yields helped real estate stocks gain 0.6%.

Among gainers, German agriculture and pharmaceutical firm Bayer climbed 1.5% after posting higher quarterly adjusted earnings that beat analysts' forecasts.

French supermarket group Carrefour rose 2.9% after pledging 3 billion euros between 2022 and 2026 for its digital push.

Wall Street stocks also retreated from recent highs, as caution kicked in ahead of the release of U.S. inflation data on Wednesday. While the Federal Reserve has already outlined plans to taper stimulus, a high inflation reading could prompt it to bring forward policy tightening. [.N]

Polish e-commerce platform Allegro fell 11.2% after reiterating its 2021 targets despite reporting a quarterly profit beat.

(Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu, Anil D'Silva and Giles Elgood)

By Anisha Sircar and Ambar Warrick

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BAYER AG -2.05% 51.62 Delayed Quote.12.13%
EURO STOXX 50 -1.63% 4229.56 Delayed Quote.0.03%
MUNICH RE -2.02% 266.3 Delayed Quote.4.34%
All news about EURO STOXX 50
12:49pEURO STOXX 50 Index Ends the Week 1.00% Lower at 4229.56 -- Data Talk
06:39aEuropean Bourses Track Lower Midday, Oil and Tech Issues Slip
01/20EURO STOXX 50 Index Ends 0.73% Higher at 4299.61 -- Data Talk
01/20Merck senior executive Clyburn to leave for top job at chemicals firm IFF
01/20European Bourses Edge Higher Midday, Tech Issues Higher, Oil Issues Slip
01/20Asian shares break losing streak as China cuts key mortgage rate
01/19EURO STOXX 50 Index Ends 0.25% Higher at 4268.28 -- Data Talk
01/19European Bourses Track Higher Midday; German Bonds Offer Positive Yield
01/18EUROPE : European shares end at one-week low as tech resumes its descent
01/18EURO STOXX 50 Index Ends 1.03% Lower at 4257.82 -- Data Talk
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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
DANONE 57.84 Real-time Quote.0.56%
DEUTSCHE BÖRSE AG 161.775 Real-time Estimate Quote.0.26%
BAYER AG 51.215 Real-time Estimate Quote.-2.82%
KONE OYJ 58.75 Real-time Estimate Quote.-2.92%
NOKIA OYJ 4.95 Real-time Estimate Quote.-3.51%
DEUTSCHE POST AG 52.105 Real-time Estimate Quote.-3.62%
FLUTTER ENTERTAINMENT PLC 131.25 Real-time Quote.-4.16%
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