Log in
Show password
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

Eurostoxx 50 : European stocks recoup most losses; weak outlook hits SAP

10/21/2021 | 12:19pm EST
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks steadied at six-week highs on Thursday, as buying of defensives and growth stocks helped offset losses in miners and disappointing earnings forecasts, including from software major SAP.

Sentiment was also subdued by renewed concerns about China's property sector after the collapse of a $2.6 billion asset sale at indebted developer China Evergrande Group.

After declining as much as 0.6%, the Europe-wide STOXX 600 index ended down 0.1% at 469.71. A European equity strategist at Bank of America had earlier this month set a year-end target of 420 for the STOXX 600, implying a fall of about 10% from current levels.

European miners, which have a large exposure to China, shed 3.0% as iron ore and base metal price plunged. [MET/L] [IRONORE/] UK-listed shares of Anglo American fell 2.7% even though it reported a 2% rise in overall production in the third quarter.

"Mining stocks have been unable to shake investor concerns sparked by yet another twist in the Evergrande saga," said Danni Hewson, a financial analyst at AJ Bell.

Data on Wednesday showed euro zone consumer confidence fell by 0.8 points in October from September.

Company after company has warned that supply issues and price hikes aren't going to be a flash in the pan and are going to impact earnings going forward, AJ Bell's Hewson said.

Europe's most valuable tech company SAP dropped 3.2% and was the biggest drag on the STOXX 600 despite positive third-quarter results as traders were unimpressed by the company's outlook, particularly its licensing forecast.

Swiss engineering and tech group ABB tumbled nearly 6.2% after it lowered its full-year sales forecast and warned of shortages of components, while Sweden's AB Volvo fell about 0.4% after it said chip shortages hampered production of its trucks.

Nordic Semiconductor plunged 12.4% after its core earnings fell slightly year-on-year and the company warned of rising costs.

There was no relief for banking stocks either. The sector fell 0.4% even though UK's Barclays and Finland's Nordea reported upbeat quarterly results.

Spain's lender-heavy IBEX index slipped 0.8%, the most among regional peers, after downbeat earnings at Bankinter weighed.

Defensive sectors such as personal and household goods index rose 0.8% on the back of Unilever's third-quarter earnings beat.

Luxury stocks were also higher after Birkin bag maker Hermes rose 1.4% on strong quarterly sales.

Cartier-owner Richemont advanced 0.4% after HSBC raised the brand to "buy" from "hold", citing its leadership and momentum in the jewellery industry.

(Reporting by Anisha Sircar and Sruthi Shankar in Bengaluru; editing by Uttaresh.V, Anil D'Silva, William Maclean)

By Anisha Sircar and Susan Mathew

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO STOXX 50 -1.70% 4108.02 Delayed Quote.17.64%
PERNOD RICARD -0.29% 203.3 Real-time Quote.30.04%
All news about EURO STOXX 50
12:29pEURO STOXX 50 Index Ends 1.70% Lower at 4108.02 -- Data Talk
12:20pEUROPE : European stocks fall as Omicron worries rattle investors
11:52aGLOBAL MARKETS LIVE : Hermès, Walt Disney, Apple, Novartis, Square...
06:35aEuropean Bourses Tracking Lower Midday on Omicron Outlook
12/01Luxury goods groups Hermes, Richemont push UMG and Vodafone out of blue-chip Euro STOXX..
12/01EURO STOXX 50 Index Ends 2.86% Higher at 4179.15 -- Data Talk
12/01EUROPE : European shares rebound from Omicron-spurred rout
12/01European Bourses Rebounding Midday as Traders Bargain-Hunt
12/01Asian shares bounce sharply from year low but Omicron, Fed in focus
12/01EUROPE : European stocks seen reaching new records in 2022
More news
News of the index components EURO STOXX 50
05:16pBoeing shares surge as 737 MAX closes in on return in China
03:24pAllianz promises dividend increase of at least 5%
02:36pALLIANZ SE : Amendment of the dividend policy of AllianzáSE
01:51pSCHNEIDER ELECTRIC : Our supply chain message to our U.S. partners and distributors
01:41pIBERDROLA S A : winner of the FEMUR "Men for equality" awards
12:57pRBC Capital Downgrades ING Groep to Sector Perform from Outperform
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
LINDE PLC 324 Delayed Quote.2.13%
DANONE 53.31 Real-time Quote.1.83%
VONOVIA SE 49.63 Delayed Quote.1.60%
VINCI 86.74 Real-time Quote.0.49%
ANHEUSER-BUSCH INBEV 49.91 Real-time Quote.0.31%
DEUTSCHE POST AG 51.88 Delayed Quote.-3.12%
PROSUS N.V. 72.3 Real-time Quote.-3.12%
ADYEN N.V. 2345 Real-time Quote.-4.03%
IBERDROLA, S.A. 9.63 Delayed Quote.-4.27%
ASML HOLDING N.V. 690.7 Real-time Quote.-5.76%
Heatmap :