European shares hit record highs, focus shifts to earnings
European shares hit a record high on Tuesday, as a global rout in commodity markets appeared to stabilize, while the focus shifted to corporate earnings from the likes of Amundi and Siltronic.
By Reuters |
European shares hit a record high on Tuesday, as a global rout in commodity markets appeared to stabilize, while the focus shifted to corporate earnings from the likes of Amundi and Siltronic.
The pan-European STOXX 600 added 0.8% to 622.46 points by 0816 GMT, with basic resources adding 1.9% to lead sectors higher.
Commodity-linked stocks had come under pressure since late last week, tracking a slump in prices of precious metals after Kevin Warsh, a policy hawk, was nominated as the next U.S. Federal Reserve chair. A hike in CME margin requirements also put the brakes on the metals' record rally.
On the earnings front, Europe's largest asset manager Amundi climbed 4.7% after reporting higher-than-expected net inflows in the fourth quarter.
German semiconductor wafer supplier Siltronic added 2.5% after reporting preliminary fourth-quarter results with core profit and revenue beating market expectations.
The broader tech sector was in focus after U.S.-based Palantir Technologies reported a big jump in quarterly sales and issued upbeat forecasts.
(Reporting by Avinash P and Johann M Cherian in Bengaluru; Editing by Mrigank Dhaniwala)
The pan-European STOXX 600 added 0.8% to 622.46 points by 0816 GMT, with basic resources adding 1.9% to lead sectors higher.
Commodity-linked stocks had come under pressure since late last week, tracking a slump in prices of precious metals after Kevin Warsh, a policy hawk, was nominated as the next U.S. Federal Reserve chair. A hike in CME margin requirements also put the brakes on the metals' record rally.
On the earnings front, Europe's largest asset manager Amundi climbed 4.7% after reporting higher-than-expected net inflows in the fourth quarter.
German semiconductor wafer supplier Siltronic added 2.5% after reporting preliminary fourth-quarter results with core profit and revenue beating market expectations.
The broader tech sector was in focus after U.S.-based Palantir Technologies reported a big jump in quarterly sales and issued upbeat forecasts.
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(Reporting by Avinash P and Johann M Cherian in Bengaluru; Editing by Mrigank Dhaniwala)
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