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March 4, 2021, 4:38 a.m. EST

European stocks have outperformed as rates have climbed but slip after Wall Street weakness

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By Steve Goldstein

European stocks traded lower on Thursday after three straight gains, as technology companies and miners declined.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.71% traded 0.5% lower, with decliners including Dutch microchip equipment maker ASML /zigman2/quotes/206208657/delayed NL:ASML +3.71% and Anglo-Australian miner Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO +0.67% .

European stocks have fared better than U.S. and Asian equities as bond yields /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +1.31% have surged. Over the last month, the Stoxx Value index /zigman2/quotes/210599620/delayed XX:STVP +0.35% has surged 7%, while the technology-heavy Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.31% has dropped 5%.

“While one can understand why investors are concerned about valuations in the U.S., particularly around the tech sector which has driven a lot of the gains in the U.S. over the past few years, against a background of rising yields, the same can’t be said in Europe where valuations are much lower,” said Michael Hewson, chief market analyst at CMC Markets U.K.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.36% edged lower ahead of an eagerly awaited address from Federal Reserve Chair Jerome Powell, which will occur shortly after European stock markets close at noon Eastern. The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.42% closed Wednesday with a 1.3% loss, and has slipped four of the last five sessions.

Of stocks in Europe on the move, ProSiebenSat.1 /zigman2/quotes/201815951/delayed XE:PSM -1.56% dropped 7% as the German broadcaster issued a cautious outlook, saying advertising revenue may drop as much as 2% in 2021 against expectations of a 6% advance.

U.K. insurer Aviva /zigman2/quotes/210517151/delayed UK:AV +0.91% rose 4% as the company continued its selling spree, reaching a deal to sell its remaining Italian assets to Allianz /zigman2/quotes/210095234/delayed XE:ALV +0.32% for €873 million as it also recorded a stronger-than-forecast operating profit.

/zigman2/quotes/210599654/delayed
XX : STOXX
436.86
+3.06 +0.71%
Volume: 0.00
April 21, 2021 4:55p
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
531.00
+19.00 +3.71%
Volume: 598,547
April 21, 2021 4:55p
P/E Ratio
62.60
Dividend Yield
0.52%
Market Cap
€213.26 billion
Rev. per Employee
€497,934
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,995.00 p
+40.00 +0.67%
Volume: 957,222
April 21, 2021 3:55p
P/E Ratio
12.89
Dividend Yield
6.81%
Market Cap
£98.98 billion
Rev. per Employee
£732,787
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.58
+0.02 +1.31%
Volume: 0.00
April 21, 2021 11:08a
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/zigman2/quotes/210599620/delayed
XX : STOXX
1,344.86
+4.65 +0.35%
Volume: 0.00
April 21, 2021 4:55p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,829.62
+43.35 +0.31%
Volume: 1.28M
April 21, 2021 11:10a
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,141.50
+14.90 +0.36%
Volume: 738,232
April 21, 2021 10:00a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,152.45
+17.51 +0.42%
Volume: 637.98M
April 21, 2021 11:10a
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/zigman2/quotes/201815951/delayed
XE : Germany: Xetra
17.64
-0.28 -1.56%
Volume: 664,038
April 21, 2021 4:55p
P/E Ratio
15.05
Dividend Yield
2.78%
Market Cap
€4.05 billion
Rev. per Employee
€553,852
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/zigman2/quotes/210517151/delayed
UK : U.K.: London
400.30 p
+3.60 +0.91%
Volume: 5.20M
April 21, 2021 3:55p
P/E Ratio
5.73
Dividend Yield
5.25%
Market Cap
£15.58 billion
Rev. per Employee
£1.62M
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/zigman2/quotes/210095234/delayed
XE : Germany: Xetra
216.25
+0.70 +0.32%
Volume: 493,777
April 21, 2021 4:55p
P/E Ratio
13.36
Dividend Yield
4.44%
Market Cap
€88.82 billion
Rev. per Employee
€799,371
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