Tech stocks and miners drive European shares higher after Apple results

By Reuters / May 03, 2018 / in.investing.com / Article Link

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

LONDON, May 2 (Reuters) - European shares rose on Wednesday, boosted by some strong earnings updates and a rising tech sector after results from Apple exceeded weak expectations, while investors' focus turned to euro zone GDP figures and the U.S. Fed meeting.

Shares in iPhone supplier ams AMS.S jumped 8.1 percent after Apple AAPL.O surprised the market with solid iPhone X sales, flouncing investors' expectations for a much weaker performance. chipmakers STMicroelectronics STM.MI , Infineon IFXGn.DE , BE Semiconductor BESI.AS and ASML ASML.AS also gained 1.1 to 3.8 percent after the tech giant's results helped sentiment on the sector.

Europe's tech sector .SX8P rose 1.1 percent to a six-week high.

It helped the pan-European STOXX 600 .STOXX climb 0.4 percent, reaching its highest level since Feb 5 in early deals as investors awaited GDP data for the euro zone at 0900 GMT, and the U.S. Federal Reserve meeting later in the day.

Broadly strong earnings have helped the European index rise in recent weeks.

On Wednesday British satellite firm Inmarsat ISA.L led the pack, jumping 10.9 percent after reporting stronger first-quarter revenue. in Swedish oil firm Lundin LUPE.ST rose 4.7 percent after it became the latest European oil company to beat earnings expectations, helped by higher output. online grocer Ocado OCDO.L was a top gainer, up 5.2 percent after it signed a partnership deal with Swedish grocer ICA ICAA.ST to develop its online business. results disappointments, Paddy Power Betfair PPB.L was the worst-performing on the European index, down 6.3 percent after first-quarter earnings fell. The bookmaker also announced a 500 million pound share buyback programme. stocks .SXPP gained 1.7 percent, providing the bedrock for Europe's gains as copper prices recovered on strong China factory data.

Recent News

Uranium volatility after Russia's US export restrictions

November 25, 2024 / www.canadianminingreport.com

Gold stocks rebound on metal bounce and equity rise

November 25, 2024 / www.canadianminingreport.com

Crypto market size continues to catch up with gold

November 18, 2024 / www.canadianminingreport.com

Crypto stealing some of gold's thunder

November 18, 2024 / www.canadianminingreport.com

Gold stocks drop on metal price decline

November 11, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok