October 14, 2021
(Reuters) – European stocks expanded on Thursday, boosted by tech and mining stocks, in anticipation of a strong earnings season, even as investors suffered from high inflation threatening economic recovery.
The Pan-European STOXX 600 index was up 0.7% by Greenwich Mean Time 0710, miners were up 2.1% and tech stocks were up 1.4%.
European semiconductor companies such as ASML, AMS and BE Semiconductor were one of the top winners after Taiwan’s chip giant TSMC saw a 13.8% increase in third-quarter profits against the backdrop of surge in demand for semiconductors. ..
Discussions continued on the temporary nature of inflation as China’s factory gate inflation rose in September and hit a record high with soaring commodity prices. Investors are waiting for US producer price data later in the day. Reading is also expected to show a surge in prices.
French advertising group Publicis grew 2.9% after raising its 2021 outlook as global shift to digital media and e-commence boosted organic growth in the third quarter above market expectations. UK rival WPP rose 0.6%.
Dutch navigation and digital mapping company TomTom fell 7.0% after warning that supply chain problems in the automotive sector could continue into the first half of next year.
(Report by Sruthi Shankar in Bangalore; edited by Sriraj Kalluvila)
European stocks rise as technology rally progresses
Source link European stocks rise as technology rally progresses