European stocks rise as tech rally rolls on

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FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 12, 2021. REUTERS/Staff

October 14, 2021

(Reuters) – European stocks extended gains on Thursday, boosted by technology and mining stocks, on expectations of a strong earnings season even as investors fretted over higher inflation crimping an economic recovery.

The pan-European STOXX 600 index rose 0.7% by 0710 GMT, with miners jumping 2.1% and tech stocks up 1.4%.

European semiconductor companies including ASML, AMS and BE Semiconductor were among the top gainers after Taiwan chip giant TSMC posted a 13.8% jump in third-quarter profit on the back of booming demand for semiconductors.

A debate over the transitory nature of inflation continued as China’s factory gate inflation rose in September to a record high on soaring commodity prices. Investors are awaiting U.S. producer prices data later in the day. The reading is also expected to show a surge in prices.

French advertising group Publicis gained 2.9% after it raised its outlook for 2021 as a global shift towards digital media and e-commence helped its third-quarter organic growth exceed market expectations. British rival WPP rose 0.6%.

Dutch navigation and digital mapping company TomTom fell 7.0% after it warned that supply chain problems in the auto sector could last until the first half of next year.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)






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