Tech shares, corporate earnings lift European stocks
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 20, 2021. REUTERS/Staff
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Reuters) - European stocks rose on Monday as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns as many countries grapple with new variants of the novel coronavirus.
The pan-European STOXX 600 index rose 0.4% by 0810 GMT. The benchmark ended last week almost flat after data showed Europe's dominant service sectors took a hard hit from renewed lockdowns in January.
Tech stocks gained the most, with their U.S. peers trading near all-time highs. Dutch technology investor Prosus jumped 7.9%, while chipmakers also climbed.
In corporate earnings, Dutch health technology company Philips gained 2.3% after it reported a 7% increase in fourth-quarter core profit.
Siemens Energy, which makes turbines for the power sector, rose 2.4% after it swung to a core profit in its fiscal first quarter.
French stocks struggled for gains amid talks of a third lockdown, while Italian stocks shrugged off newspaper reports that Prime Minister Giuseppe Conte is close to resigning.
Investors are awaiting the Ifo institute's survey on German business climate in January. The numbers are expected to show a decline in business morale on the back of tighter restrictions.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Upgrades Simon Property Group (SPG) to Buy
- Citigroup (C) Tops Q1 EPS by $1.02
- Gunman in Indiana FedEx massacre bought rifles legally after psychiatric detention