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TENCENT HOLDINGS LIMITED

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European stocks hit record highs after Fed holds stance

04/08/2021 | 05:15am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Strong domestic demand propels German industrial orders

* Fed committed to support economy until recovery more secure

* Astrazeneca gains despite restrictions on vaccine use

* UK's Johnson Matthey jumps on upbeat forecast

April 8 (Reuters) - European stocks hit record highs on Thursday as optimism grew around a global stimulus-fuelled economic rebound after the U.S. Federal Reserve signalled it was in no hurry to tighten its monetary policy.

The pan-European STOXX 600 index rose 0.6%, adding to gains notched earlier this week when the index erased all of its pandemic-driven losses.

Fed officials remain wary about the ongoing risks of the coronavirus pandemic and are committed to bolstering the economy until its recovery is more secure, minutes of the central bank's latest policy meeting released on Wednesday showed.

"A dovish set of meeting minutes from the Federal Reserve has further reassured investors that Jay Powell and the gang won't be turning off the stimulus taps any time soon," Connor Campbell, an analyst at Spredex, wrote in a morning note.

European Central Bank policymakers at their meeting last month debated a smaller increase in bond purchases and agreed to front-load the buying this quarter on condition it could be cut later if conditions allow, the accounts of their meeting showed.

Data showed German industrial orders rose for the second month in a row in February, driven by strong domestic demand - a further sign that manufacturers are set to cushion a pandemic-related drop in overall output in the first quarter.

European economies are holding up well despite a third wave of the pandemic, according to Mark Haefele, chief investment officer of global wealth management at UBS.

"With more vaccines becoming available from Q2, which should allow a sustainable reopening, we continue to expect a sharp rebound in the latter half of 2021, supported by high levels of savings, pent-up demand, and accommodative monetary and fiscal policy."

Investors broadly looked past news that several European countries had announced restrictions on the use of AstraZeneca's COVID-19 vaccine in younger people, after a link was found to very rare blood clots.

The Anglo-Swedish drugmaker's shares climbed 2.0%.

Holland-based technology investor Prosus NV rose slightly after it sold 2% of China's Tencent Holdings Ltd for $14.7 billion in the world's largest-ever block trade.

Chemicals maker Johnson Matthey gained 1.5% after it forecast annual profit at the top end of market expectations and said it had started a strategic review of its health business. (Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Mark Heinrich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.28% 7643 Delayed Quote.4.04%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.47% 0.7717 Delayed Quote.0.36%
BRITISH POUND / US DOLLAR (GBP/USD) -0.62% 1.3842 Delayed Quote.1.93%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.14% 0.79847 Delayed Quote.0.93%
EURO / US DOLLAR (EUR/USD) -0.11% 1.20217 Delayed Quote.-1.50%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.46% 0.01332 Delayed Quote.-3.12%
JOHNSON MATTHEY PLC 2.48% 3267.675 Delayed Quote.31.42%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.49% 0.7166 Delayed Quote.-0.20%
PROSUS N.V. 0.71% 92.64 Real-time Quote.4.12%
S&P GSCI GOLD INDEX -0.29% 1039.9397 Delayed Quote.-5.38%
STOXX EUROPE 600 0.43% 438.6 Delayed Quote.9.43%
STOXX EUROPE 600 NR 0.45% 974.25 Delayed Quote.10.24%
TENCENT HOLDINGS LIMITED -2.17% 609 End-of-day quote.7.98%
UBS GROUP AG -0.57% 13.975 Delayed Quote.12.71%
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Financials
Sales 2021 591 B 91 141 M 91 141 M
Net income 2021 148 B 22 828 M 22 828 M
Net cash 2021 120 B 18 422 M 18 422 M
P/E ratio 2021 33,6x
Yield 2021 0,33%
Capitalization 4 944 B 762 B 762 B
EV / Sales 2021 8,16x
EV / Sales 2022 6,69x
Nbr of Employees 85 858
Free-Float 60,2%
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Technical analysis trends TENCENT HOLDINGS LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 55
Average target price 646,44 CNY
Last Close Price 509,13 CNY
Spread / Highest target 71,0%
Spread / Average Target 27,0%
Spread / Lowest Target -16,0%
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Managers and Directors
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
Sector and Competitors
1st jan.Capitalization (M$)
TENCENT HOLDINGS LIMITED7.98%747 116
NETFLIX, INC.-5.89%225 389
PROSUS N.V.4.12%178 573
UBER TECHNOLOGIES, INC.9.35%103 243
AIRBNB, INC.13.81%101 612
NASPERS LIMITED12.23%99 072