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Delayed Quote. Delayed Switzerland - 09/23 11:50:00 am
4194.92 PTS   +1.08%
4194.54 PTS
09/23EURO STOXX 50 Index Ends 1.08% Higher at 4194.92 -- Data Talk
09/23EUROPE : European stocks rally for third day, FTSE 100 struggles after BoE comments
09/23STOXX EUROPE 600 : European Bourse Tracking Higher Midday in Global Rally
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks hit record highs as earnings help dispel early gloom

08/03/2021 | 04:50am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - Strong earnings updates from oil major BP, banks and others drove European stocks to record highs on Tuesday even as concerns lingered over rising Delta variant cases and China's regulatory moves.

After a hesitant start, the region-wide STOXX 600 index rose 0.2% to hit an all-time high in morning trade.

Oil & gas stocks were the top gainers as BP rose 2.9% after it lifted its dividend and ramped up share buybacks on the back of a surge in quarterly profit to $2.8 billion.

French lender Societe Generale jumped 5.5% after it lifted its profit forecast for the full year, while UK-listed Standard Chartered gained 1.0% after it reported a higher-than-expected first-half profit.

Second-quarter earnings have been strong, with 66% of the more than half of the STOXX 600 companies that have reported so far topping analysts' profit expectations, according to Refinitiv IBES data.

Despite concerns about rising COVID-19 cases globally and higher inflation, European stocks are trading at record levels as investors rotate into the economy-linked cyclical sectors such as financial and industrials with a nascent recovery continuing.

"Momentum stocks currently trade at an exceptionally large discount to both growth stocks and the European broad market," analysts at BCA Research wrote in a note.

They recommend investors "move more aggressively" into industrial equities, which are poised to benefit from the rise in global capex and the excess money supply growth.

However, Asian stocks were mostly lower as the Delta variant spread in key markets and Chinese officials took aim at video game producers once again. [MKTS/GLOB]

Dutch firm Prosus, which has a stake in Chinese tech giant Tencent, fell 5.3%, while other online video gaming companies like Evolution, Ubisoft and Embracer were down between 1.6% and 3%.

The tech sector was among the biggest drags after German chipmaker Infineon Technologies fell 1.5% as it said it was battling extreme tightness in its markets.

BMW slid 3.8% even after raising its profit forecast for 2021 as it said the global chip shortage and rising raw materials prices would hurt its performance in the second half of the year.

On the other hand, carmaker Stellantis climbed 4.4% after it raised its full-year target on its adjusted operating profit margin.

The world's biggest container shipping company, A.P. Moller-Maersk, inched up 1.3% after it lifted its full-year earnings outlook as chaotic conditions in the global supply chain pushed freight rates higher.

Graphic: European stocks

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Subhranshu Sahu)

By Sruthi Shankar

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.25% 317.2 Delayed Quote.24.71%
EURO STOXX 50 1.08% 4194.92 Delayed Quote.16.82%
INFINEON TECHNOLOGIES AG 2.86% 37.74 Delayed Quote.20.23%
LONDON BRENT OIL 0.28% 77.52 Delayed Quote.44.45%
STELLANTIS N.V. 1.21% 16.748 Real-time Quote.0.00%
STELLANTIS N.V. 1.31% 16.768 Delayed Quote.14.38%
STOXX EUROPE 600 NR 0.93% 1049.59 Delayed Quote.18.23%
TENCENT HOLDINGS LIMITED 2.93% 463.2 End-of-day quote.-17.87%
WTI 0.24% 73.459 Delayed Quote.46.78%
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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
ING GROEP N.V. 11.87 Real-time Quote.2.43%
BNP PARIBAS 54.36 Real-time Quote.2.26%
PROSUS N.V. 70.78 Real-time Quote.2.17%
ASML HOLDING N.V. 753.8 Real-time Quote.2.04%
VONOVIA SE 54.05 Real-time Estimate Quote.-0.31%
DEUTSCHE BÖRSE AG 144.55 Real-time Estimate Quote.-0.34%
INTESA SANPAOLO S.P.A. 2.416 Real-time Estimate Quote.-0.47%
FLUTTER ENTERTAINMENT PLC 182.35 Real-time Quote.-1.06%
ADIDAS AG 284.45 Real-time Estimate Quote.-1.61%
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