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       EU0009658145

EURO STOXX 50

Delayed Quote. Delayed Switzerland - 09/21 11:50:00 am
4097.51 PTS   +1.33%
After hours
-0.18%
4090.23 PTS
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Eurostoxx 50 : European shares slip but log sixth straight month of gains

07/30/2021 | 12:00pm EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks fell from record highs on Friday as concerns about the fast-spreading Delta variant and regulatory actions in China outweighed optimism around the quarterly earnings season and an economic recovery.

The pan-European STOXX 600 index fell 0.5%, but rose for a sixth straight month in July, its longest winning streak since 2012-13 when it rose for 12 months in a row.

"We've seen moves in both directions this week, but they've lacked any sort of conviction," said Michael Hewson, chief market analyst at CMC Markets.

"The overriding concern being whether the second half of the year will be able to match up to some of the decent numbers we've seen from various company updates this week."

Travel and leisure stocks and miners were the top decliners.

Italy's UniCredit gained 2.8% after posting higher-than-expected net profit, and said late on Thursday it had embarked on formal talks with the government over the possible acquisition of rival Monte dei Paschi di Siena. Monte dei Paschi added 3.4%.

EssilorLuxottica rose 3.4% as the Ray-Ban maker raised its full-year guidance after revenue doubled in the second quarter.

Overall, out of half the STOXX 600 companies that have reported so far, 67% have topped analysts' profit estimates, according to Refinitiv IBES data. While that is below the 72% beat-rate in the first quarter, it still tops the 51% rate in a typical quarter.

"We have had exceptional expectations, yet the companies have managed to beat those expectations," said Oliver Collin, fund manager of European equities at Invesco. "Interesting thing in Europe is those beats, quite different to the U.S., were rewarded in some sort of positive share price momentum."

Collin believes European equities' slant toward cheaply valued cyclical sectors and a stronger recovery momentum in the second quarter played a part in prompting the recent positive market response.

The euro zone economy grew more strongly than expected in the second quarter as the bloc rebounded from a recession caused by the COVID-19 pandemic, preliminary data showed.

British Airways owner IAG fell 7.5% after it said summer capacity would rise to 45% of pre-pandemic levels but warned that significant uncertainty remained.

German healthcare group Fresenius declined 3.9% after it raised its 2021 earnings guidance but sounded cautious on new virus variants and stalling vaccination progress.

(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila and Nick Macfie)

By Sruthi Shankar and Shreyashi Sanyal


ę Reuters 2021
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Chart EURO STOXX 50
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
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Top / Flop EURO STOXX 50
DEUTSCHE BÖRSE AG 144.525 Real-time Estimate Quote.3.68%
FLUTTER ENTERTAINMENT PLC 177.2 Real-time Quote.3.38%
L'ORÉAL 383.45 Real-time Quote.3.01%
LVMH MOËT HENNESSY LOUIS VUITTON SE 636 Real-time Quote.2.80%
PERNOD RICARD 190.85 Real-time Quote.2.61%
NOKIA OYJ 4.649 Real-time Estimate Quote.-0.11%
KERING 626.9 Real-time Quote.-0.29%
VIVENDI SE 10.5 Real-time Quote.-19.42%
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