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European stocks enter new quarter with small gains, chipmakers rally

Published 01/04/2021, 08:15
Updated 01/04/2021, 08:18
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
April 1 (Reuters) - European stocks kicked off the new
quarter with small gains on Thursday, as optimism around a new
U.S. government spending plan eclipsed concerns of another
COVID-19 wave with France imposing a third national lockdown.
The pan-European STOXX 600 index .STOXX rose 0.2% in early
trading, hovering just 3 points below its all-time high. The
benchmark ended the first quarter with a 7.7% rise - its fourth
straight quarter of gains.
European chip companies including ASML ASML.AS , ASMI
ASMI.AS , Infineon Technologies IFXGn.DE BE Semiconductor
BESI.AS all rose between 1.8% and 4.4% after U.S. chipmaker
Micron Technology MU.O issued an upbeat revenue forecast.
Meanwhile, contract chipmaker TSMC 2330.TW said it plans
to invest $100 billion over the next three years to increase
capacity at its plants. Wall Street stocks climbed overnight as investors pinned
hopes on a strong U.S. economy as President Joe Biden unveiled a
sweeping $2.3 trillion spending plan including investments in
roads, railways, broadband, clean energy and semiconductor
manufacture. French retailers and travel stocks came under pressure after
the latest lockdown. Hotels group Accor ACCP.PA inched up
0.3%, while catering companies Sodexo EXHO.PA and Elior
ELIOR.PA dropped almost 2%.

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