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Aug. 4, 2021, 9:23 a.m. EDT

Technology sector supports Europe stocks, while Commerzbank slumps on results

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By Barbara Kollmeyer

European stocks rose on Wednesday, lifted by gains for technology names such as ASML Holding, while Commerzbank was the worst performer after the German bank’s results.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.26% rose 0.3% to 466.87, with the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.11% up 0.4%, France’s CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 +0.02% up 0.2%, and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.05% flat. Gains were pared from earlier after private-sector payroll data from the U.S. said it added a fewer-than-expected 330,000 jobs in July , setting Wall Street stocks up for losses.

Gainers included Dutch-based tech and internet investment group Prosus N.V. /zigman2/quotes/214038022/delayed NL:PRX +1.21% , which rose over 3%. Its largest investment is in Chinese tech giant Tencent /zigman2/quotes/204605823/delayed HK:700 +2.02% , whose shares rebounded on Wednesday from a prior-session pullback.

German sportswear maker Adidas /zigman2/quotes/206448829/delayed XE:ADS +2.08% and chip equipment maker ASML Holding /zigman2/quotes/210293876/composite ASML -2.41% /zigman2/quotes/206208657/delayed NL:ASML +0.16% were among the other gainers, up over 2% each. The tech sector was rising across the board, with Infineon Technologies /zigman2/quotes/203152288/delayed XE:IFX +1.71% surging 4%, ams /zigman2/quotes/205647546/delayed CH:AMS +0.60% up 2.6% and SAP /zigman2/quotes/207905606/composite SAP -0.78% /zigman2/quotes/202053813/delayed XE:SAP -0.19% gaining 1%.

Leading the downside were shares of Commerzbank /zigman2/quotes/207286669/delayed XE:CBK +1.45% , after the German bank swung to a second-quarter loss due to one-off costs. The bank said net loss for the period was 527 million euros ($625.7 million) versus a profit of EUR183 million a year earlier. Analysts also noted the bank missed forecasts for underlying profit.

“The restructuring of Commerzbank is in full swing and successes will probably not be visible in the figures until 2022 at the earliest. A dividend or even share buybacks are unlikely to be discussed until 2023,“ said analysts at LBBW Research, who rate the bank a hold and cut their price target to €6.

Commerzbank shares fell 6% to €6.04.

/zigman2/quotes/210599654/delayed
XX : STOXX
455.17
+1.19 +0.26%
Volume: 0.00
Jan. 27, 2023 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,150.03
+17.18 +0.11%
Volume: 55,135
Jan. 27, 2023 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,097.21
+1.22 +0.02%
Volume: 68,167
Jan. 27, 2023 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,765.15
+4.04 +0.05%
Volume: 568,906
Jan. 27, 2023 4:56p
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/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
78.85
+0.94 +1.21%
Volume: 1.91M
Jan. 27, 2023 5:35p
P/E Ratio
23.13
Dividend Yield
0.18%
Market Cap
€101.87 billion
Rev. per Employee
€213,364
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 415.00
+8.20 +2.02%
Volume: 18.63M
Jan. 27, 2023 4:08p
P/E Ratio
18.99
Dividend Yield
0.39%
Market Cap
$3858.53 billion
Rev. per Employee
$5.87M
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/zigman2/quotes/206448829/delayed
XE : Germany: Xetra
148.30
+3.02 +2.08%
Volume: 618,951
Jan. 27, 2023 6:30p
P/E Ratio
20.95
Dividend Yield
2.23%
Market Cap
€24.76 billion
Rev. per Employee
€365,515
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 667.39
-16.51 -2.41%
Volume: 1.25M
Jan. 27, 2023 4:00p
P/E Ratio
45.34
Dividend Yield
0.84%
Market Cap
$268.89 billion
Rev. per Employee
$745,209
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
620.10
+1.00 +0.16%
Volume: 782,455
Jan. 27, 2023 5:39p
P/E Ratio
43.79
Dividend Yield
0.94%
Market Cap
€247.74 billion
Rev. per Employee
€709,065
loading...
/zigman2/quotes/203152288/delayed
XE : Germany: Xetra
34.23
+0.58 +1.71%
Volume: 4.75M
Jan. 27, 2023 6:30p
P/E Ratio
20.76
Dividend Yield
0.93%
Market Cap
€43.79 billion
Rev. per Employee
€253,016
loading...
/zigman2/quotes/205647546/delayed
CH : Switzerland: SWX
CHF 9.11
+0.05 +0.60%
Volume: 1.36M
Jan. 27, 2023 5:31p
P/E Ratio
11.96
Dividend Yield
N/A
Market Cap
CHF2.37 billion
Rev. per Employee
CHF203,363
loading...
/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 113.21
-0.89 -0.78%
Volume: 957,898
Jan. 27, 2023 4:00p
P/E Ratio
54.92
Dividend Yield
1.32%
Market Cap
$134.44 billion
Rev. per Employee
$289,785
loading...
/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
104.80
-0.20 -0.19%
Volume: 2.08M
Jan. 27, 2023 6:30p
P/E Ratio
53.66
Dividend Yield
1.86%
Market Cap
€123.86 billion
Rev. per Employee
€275,730
loading...
/zigman2/quotes/207286669/delayed
XE : Germany: Xetra
10.10
+0.14 +1.45%
Volume: 4.97M
Jan. 27, 2023 6:30p
P/E Ratio
9.14
Dividend Yield
0.00%
Market Cap
€12.47 billion
Rev. per Employee
€296,183
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