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Feb. 19, 2020, 7:17 a.m. EST

Puma leads European stocks higher as investors shake off Apple warning

Deutsche Telekom shares rise after results

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By Barbara Kollmeyer, MarketWatch


AFP via Getty Images
People walk past a store belonging to German sportswear maker Puma, 20 June 2007 in Berlin, Germany.

European stock markets climbed on Wednesday, as investors moved to pick up equities beaten down in a prior-day selloff fueled by an Apple warning, with technology stocks rebounding and shares of Puma soaring on upbeat results.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.34%  rose 0.6% to 433.07, after a near 0.4% drop on Tuesday, as a coronavirus-fueled caution from Apple /zigman2/quotes/202934861/composite AAPL +0.36%  scared some investors away from stocks. The German DAX 30 index /zigman2/quotes/210597999/delayed DX:DAX +0.36%  rose 0.5%, while the French CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 +0.29%  gained 0.7% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.40%  jumped 0.8%.

“The sense is very much that the world’s most valuable company will ride this out — sticky consumers will only delay purchase of Apple goods, not switch to Samsung or Android,” said Neil Wilson, chief market analyst at Markets.com, in a reference to loyalty among Apple consumers.

Asian markets finished mixed, while U.S. stock futures pointed to a modestly higher open as investors eyed coronavirus updates. While China reported falling infections — 1,749 new cases — the total number of deaths due to the outbreak surpassed 2,000 in the country that is struggling to get on its feet amid the outbreak. Bloomberg reported that China was considering mergers and financial support for its battered airlines, citing sources .

Shares of Puma /zigman2/quotes/200977650/delayed DE:PUM -1.68%  led the Stoxx 600 gainers with a 8% jump after the German athletic wear company beat its 2019 earnings guidance on strong profit and sales growth. While it warned first-quarter results for 2020 would be impacted by the coronavirus, Puma said it expects the situation around the virus will normalize in the short term and it will meet its annual goals.

Shares of rival Adidas /zigman2/quotes/202556172/delayed DE:ADS -1.10%  rose 1.8%

Bank stocks also supported the FTSE 100, specifically heavily weighted HSBC Holdings /zigman2/quotes/208272822/composite HSBC -2.37%   /zigman2/quotes/203901799/delayed UK:HSBA -0.27% , which rose 2.5%. The bank was clawing back some of Tuesday’s sharp losses triggered by news of a massive overhaul that included plans to cut 35,000 jobs and axe dividend for two years.

Shares of Deutsche Telekom  /zigman2/quotes/205973137/delayed DE:DTE +0.58%  rose nearly 3% after the German telecommunications company reported a 78% climb in 2019 profit and forecast further growth for this year.

Technology stocks were also bouncing back from Tuesday’s losses, as the Apple warning hit the sector particularly hard. Shares of Dialog Semiconductor /zigman2/quotes/203017921/delayed DE:DLG -0.17%  and ASM International /zigman2/quotes/201180544/delayed NL:ASM +1.55%  rose 2% each.

/zigman2/quotes/210599654/delayed
XX : STOXX
364.88
+1.24 +0.34%
Volume: 0.00
July 10, 2020 12:02p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 382.73
+1.36 +0.36%
Volume: 31.41M
July 9, 2020 4:00p
P/E Ratio
30.00
Dividend Yield
0.86%
Market Cap
$1652.99 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,534.50
+45.04 +0.36%
Volume: 20,667
July 10, 2020 12:02p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,935.45
+14.44 +0.29%
Volume: 23,768
July 10, 2020 12:02p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,073.59
+23.97 +0.40%
Volume: 190,938
July 10, 2020 11:02a
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/zigman2/quotes/200977650/delayed
DE : Germany: Frankfurt
68.08
-1.16 -1.68%
Volume: 110.00
July 10, 2020 9:38a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€394,358
loading...
/zigman2/quotes/202556172/delayed
DE : Germany: Frankfurt
234.50
-2.60 -1.10%
Volume: 466.00
July 10, 2020 11:52a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€384,366
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 23.52
-0.57 -2.37%
Volume: 4.14M
July 9, 2020 4:00p
P/E Ratio
26.32
Dividend Yield
4.23%
Market Cap
$98.40 billion
Rev. per Employee
$366,224
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
372.30 p
-1.00 -0.27%
Volume: 6.26M
July 10, 2020 11:02a
P/E Ratio
24.99
Dividend Yield
0.00%
Market Cap
£78.13 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205973137/delayed
DE : Germany: Frankfurt
14.85
+0.09 +0.58%
Volume: 9,210
July 10, 2020 11:53a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€350,787
loading...
/zigman2/quotes/203017921/delayed
DE : Germany: Frankfurt
42.10
-0.07 -0.17%
Volume: 250.00
July 10, 2020 10:35a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/201180544/delayed
NL : Netherlands: Euronext Amsterdam
147.35
+2.25 +1.55%
Volume: 181,605
July 10, 2020 12:01p
P/E Ratio
20.82
Dividend Yield
1.02%
Market Cap
€6.96 billion
Rev. per Employee
€375,094
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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