European stocks rise as technology rally progresses

File Photo: The German Stock Index DAX Graph was taken on October 12, 2021 on the Frankfurt Stock Exchange in Germany.Reuters / Staff

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

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