{"id":119247,"date":"2021-08-03T17:25:15","date_gmt":"2021-08-03T17:25:15","guid":{"rendered":"https:\/\/fin2me.com\/?p=119247"},"modified":"2021-08-03T17:25:15","modified_gmt":"2021-08-03T17:25:15","slug":"european-stocks-end-at-record-high-on-strong-energy-bank-earnings","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/european-stocks-end-at-record-high-on-strong-energy-bank-earnings\/","title":{"rendered":"European stocks end at record high on strong energy, bank earnings"},"content":{"rendered":"

(Reuters) -Strong earnings updates from heavyweights including BP and Societe Generale drove European stocks to a record-high close on Tuesday, although gains were capped by concerns over rising Delta variant cases and China\u2019s regulatory moves.<\/p>

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 30, 2021. REUTERS\/Staff<\/figcaption>

After dipping into negative territory earlier, the region-wide STOXX 600 index ended up 0.2% at a record closing high of 465.38 points.<\/p>\n

Oil & gas stocks were the top gainers as BP rose 5.6% after it lifted its dividend and ramped up share buybacks on the back of a surge in quarterly profit.<\/p>\n

French lender Societe Generale jumped 6.4% after it lifted its profit forecast for the full year, while UK-listed Standard Chartered gained 1.0% after it reported a higher-than-expected first-half profit.<\/p>\n

Second-quarter earnings have been strong, with 66% of the more than half of the STOXX 600 companies that have reported so far topping analysts\u2019 profit expectations, according to Refinitiv IBES data. Earnings are also expected to surge by nearly 140% this quarter.<\/p>\n

Strong earnings and improving economic readings have brightened the outlook for European stocks this year, with economically-sensitive sectors expected to gain the most.<\/p>\n

\u201cMomentum stocks currently trade at an exceptionally large discount to both growth stocks and the European broad market,\u201d analysts at BCA Research wrote in a note.<\/p>\n

They recommend investors \u201cmove more aggressively\u201d into industrial equities, which are poised to benefit from the rise in global capex and the excess money supply growth.<\/p>\n

Travel and leisure stocks tumbled 2.6% as the spread of the Delta variant threatened more curbs on movement.<\/p>\n

Technology stocks were rattled by Chinese officials taking aim at videogame makers. Dutch firm Prosus, which has a stake in Chinese tech giant Tencent, fell 6.9%, while videogame makers Ubisoft and Embracer Group fell 5.0% and 3.7%, respectively.[nL1N2PA03U]<\/p>\n

The tech sector was also among the biggest drags after German chipmaker Infineon Technologies fell 0.4% on flagging large production outages.<\/p>\n

BMW slid 5.2% even after raising its profit forecast for 2021 as it said the global chip shortage and rising raw materials prices would hurt its performance in the second half of the year.<\/p>\n

On the other hand, carmaker Stellantis <\/span>STLA.MI<\/span> climbed 4.2% after it raised its full-year target on its adjusted operating profit margin.<\/span><\/p>\n

The world\u2019s biggest container shipping company, A.P. Moller-Maersk, fell 2.0% after some analysts saw its outlook hike as \u201cconservative\u201d, as chaotic conditions in the global supply chain pushed freight rates higher. [nL8N2PA230]<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -Strong earnings updates from heavyweights including BP and Societe Generale drove European stocks to a record-high close on Tuesday, although gains were capped by […]<\/p>\n","protected":false},"author":3,"featured_media":119246,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nEuropean stocks end at record high on strong energy, bank earnings - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/european-stocks-end-at-record-high-on-strong-energy-bank-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European stocks end at record high on strong energy, bank earnings - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) -Strong earnings updates from heavyweights including BP and Societe Generale drove European stocks to a record-high close on Tuesday, although gains were capped by [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/european-stocks-end-at-record-high-on-strong-energy-bank-earnings\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-03T17:25:15+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/European-stocks-end-at-record-high-on-strong-energy-bank-earnings.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/european-stocks-end-at-record-high-on-strong-energy-bank-earnings\/\",\"url\":\"https:\/\/fin2me.com\/markets\/european-stocks-end-at-record-high-on-strong-energy-bank-earnings\/\",\"name\":\"European stocks end at record high on strong energy, bank earnings - 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