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       EU0009658145

EURO STOXX 50

Delayed Quote. Delayed Switzerland - 09/28 11:50:00 am
4058.82 PTS   -2.56%
After hours
0.13%
4064.27 PTS
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M&A rush, strong earnings see European stocks close at new highs

08/02/2021 | 12:09pm EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks ended at a new peak on Monday, as increased dealmaking activity and a batch of strong financial sector earnings helped markets mark a strong start to August.

The pan-European STOXX 600 index rose 0.6% to end at a record closing high of 464.45 points, with retail and technology stocks serving as the best performers.

British aero-engineer Meggitt soared 56.7% to the top of the STOXX 600, hitting a record high after U.S. industrial firm Parker-Hannifin said it would buy the UK rival in a deal valued at $8.76 billion.

Among other deals, British asset management services provider Sanne Group jumped 7.6% after it said it could get a takeover bid from fund servicer Apex Group.

German real estate firm Vonovia rose 2.2% as it launched a sweetened, 19.1 billion euro ($22.7 billion) bid to buy rival Deutsche Wohnen.

Axa, Europe's second-largest insurer, gained 4.2% after it posted a 180% surge in first-half net income.

German rival Allianz tumbled 7.8% after U.S. regulators started a probe relating to Allianz Global Investors' Structured Alpha Funds.

Asia-focussed lender HSBC edged 0.3% lower, even after it beat forecasts for first-half pretax profit and reinstated dividend payments.

Of the more than half of the STOXX 600 companies that have reported second-quarter results so far, 67% have topped profit estimates, as per Refinitiv IBES data.

"Having reached all-time highs post 1Q results, the breadth of positive EPS revisions in Europe remains very strong both in absolute terms and versus peers," European equity strategists at Morgan Stanley said in a note. "Europe now sees the best earnings revisions of all global regions."

Optimism around European earnings and economic reopening helped the benchmark STOXX 600 end July with a sixth straight month of gains despite concerns about inflation, soaring virus cases in Asia and a major regulatory crackdown in China.

Graphic: STOXX 600 scales new peak,

Meanwhile, a survey showed manufacturing activity across the euro zone continued to expand at a blistering pace in July, but supply bottlenecks sent input costs soaring.

British jet and auto parts supplier Senior Plc jumped 9.3% after it reported a first-half profit compared with a loss a year earlier.

Peer Melrose gained 5.2%, while Rolls-Royce added 3.8% .

The world's second-largest brewer Heineken inched up 0.6% after reporting first-half earnings above expectations, but warned rising commodity costs would eat into margins.

German carmaker Daimler rose 1.5% after Goldman Sachs added the stock to its conviction list.

(Reporting by Sruthi Shankar and Ambar Warrick in Bengaluru; Editing by Sriraj Kalluvila and Richard Chang)

By Sruthi Shankar and Ambar Warrick


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.03% 193.64 Delayed Quote.-2.51%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.54% 0.619 Delayed Quote.-1.62%
AXA -1.19% 23.595 Real-time Quote.22.39%
BRITISH POUND / EURO (GBP/EUR) -1.09% 1.15828 Delayed Quote.4.20%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.40% 0.674318 Delayed Quote.4.78%
CHINA APEX GROUP LIMITED -1.20% 2.48 End-of-day quote.1.22%
DAIMLER AG 0.57% 76.23 Delayed Quote.31.16%
DEUTSCHE WOHNEN SE 0.04% 52.98 Delayed Quote.21.22%
EURO STOXX 50 -2.56% 4058.82 Delayed Quote.17.25%
HEINEKEN HOLDING N.V. -0.93% 74.95 Real-time Quote.-1.82%
HEINEKEN N.V. -0.97% 89.52 Real-time Quote.-0.90%
HSBC HOLDINGS PLC -0.16% 385.35 Delayed Quote.1.87%
INDIAN RUPEE / EURO (INR/EUR) -0.40% 0.011525 Delayed Quote.3.13%
MEGGITT PLC -0.24% 738.2 Delayed Quote.58.63%
MELROSE INDUSTRIES PLC -1.17% 177.5 Delayed Quote.0.87%
MORGAN STANLEY -2.92% 102.07 Delayed Quote.53.36%
SANNE GROUP PLC -0.11% 903 Delayed Quote.46.75%
SENIOR PLC -3.17% 162.1 Delayed Quote.87.56%
STOXX EUROPE 600 NR -2.16% 1015.74 Delayed Quote.18.03%
US DOLLAR / EURO (USD/EUR) 0.12% 0.856069 Delayed Quote.4.19%
VONOVIA SE -2.85% 53.24 Delayed Quote.-8.30%
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Chart EURO STOXX 50
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Top / Flop EURO STOXX 50
PHILIPS NV 39.385 Real-time Quote.1.49%
TOTALENERGIES SE 41.595 Real-time Quote.1.30%
ENI S.P.A. 11.247 Real-time Estimate Quote.0.55%
DAIMLER AG 76.155 Real-time Estimate Quote.0.47%
BASF SE 64.815 Real-time Estimate Quote.0.15%
BANCO SANTANDER, S.A. 3.089 Real-time Estimate Quote.-3.54%
ADIDAS AG 267.775 Real-time Estimate Quote.-3.89%
SAFRAN 109.64 Real-time Quote.-4.68%
ADYEN N.V. 2500.5 Real-time Quote.-5.43%
ASML HOLDING N.V. 665.2 Real-time Quote.-7.21%
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