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Tech shares, corporate earnings lift European stocks

Published 25/01/2021, 09:18
© Reuters.
FCHI
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IT40
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PHG
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STOXX
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SX8P
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PRX
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ENR1n
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Jan 25 (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 .STOXX 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 .SX8P gained the most, with their U.S. peers
trading near all-time highs. Dutch technology investor Prosus
PRX.AS jumped 7.9%, while chipmakers also climbed.
In corporate earnings, Dutch health technology company
Philips PHG.AS gained 2.3% after it reported a 7% increase in
fourth-quarter core profit. Siemens Energy ENR1n.DE , which makes turbines for the
power sector, rose 2.4% after it swung to a core profit in its
fiscal first quarter. French stocks .FCHI struggled for gains amid talks of a
third lockdown, while Italian stocks .FTMIB 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.

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