Technology sector supports Europe stocks, while Commerzbank slumps on results

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

Add to watchlist XX:SXXP

STOXX Europe 600 Index

XX : STOXX

455.17

+1.19 +0.26%

Volume: 0.00

Jan. 27, 2023 11:03p

/zigman2/quotes/210597999/delayed

Add to watchlist DX:DAX

DAX

DX : Xetra Indices

15,150.03

+17.18 +0.11%

Volume: 55,135

Jan. 27, 2023 6:30p

/zigman2/quotes/210597958/delayed

Add to watchlist FR:PX1

CAC 40 Index

FR : France: Euronext Paris

7,097.21

+1.22 +0.02%

Volume: 68,167

Jan. 27, 2023 6:05p

/zigman2/quotes/210598409/delayed

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FTSE 100 Index

UK : FTSE UK

7,765.15

+4.04 +0.05%

Volume: 568,906

Jan. 27, 2023 4:56p

/zigman2/quotes/214038022/delayed

Add to watchlist NL:PRX

Prosus N.V.

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

/zigman2/quotes/204605823/delayed

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Tencent Holdings Ltd.

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

/zigman2/quotes/206448829/delayed

Add to watchlist XE:ADS

adidas AG

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

/zigman2/quotes/210293876/composite

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ASML Holding N.V.

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

/zigman2/quotes/206208657/delayed

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ASML Holding N.V.

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

/zigman2/quotes/203152288/delayed

Add to watchlist XE:IFX

Infineon Technologies AG

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

/zigman2/quotes/205647546/delayed

Add to watchlist CH:AMS

ams-OSRAM AG

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

/zigman2/quotes/207905606/composite

Add to watchlist SAP

SAP SE ADR

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

/zigman2/quotes/202053813/delayed

Add to watchlist XE:SAP

SAP SE

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

/zigman2/quotes/207286669/delayed

Add to watchlist XE:CBK

Commerzbank AG

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