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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 +0.73% rose 0.3% to 466.87, with the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.72% up 0.4%, France’s CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 +0.20% up 0.2%, and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +1.19% 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 -0.08% , which rose over 3%. Its largest investment is in Chinese tech giant Tencent /zigman2/quotes/204605823/delayed HK:700 +3.53% , whose shares rebounded on Wednesday from a prior-session pullback.

German sportswear maker Adidas /zigman2/quotes/206448829/delayed XE:ADS +0.54% and chip equipment maker ASML Holding /zigman2/quotes/210293876/composite ASML -0.90% /zigman2/quotes/206208657/delayed NL:ASML -0.40% 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 -0.43% surging 4%, ams /zigman2/quotes/205647546/delayed CH:AMS +0.27% up 2.6% and SAP /zigman2/quotes/207905606/composite SAP +1.10% /zigman2/quotes/202053813/delayed XE:SAP +1.98% gaining 1%.

Leading the downside were shares of Commerzbank /zigman2/quotes/207286669/delayed XE:CBK +0.22% , 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
431.10
+3.11 +0.73%
Volume: 0.00
May 20, 2022 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,981.91
+99.61 +0.72%
Volume: 83,084
May 20, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,285.24
+12.53 +0.20%
Volume: 92,863
May 20, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,389.98
+87.24 +1.19%
Volume: 722,321
May 20, 2022 4:56p
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/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
45.47
-0.04 -0.08%
Volume: 2.36M
May 20, 2022 5:37p
P/E Ratio
3.99
Dividend Yield
0.31%
Market Cap
€64.63 billion
Rev. per Employee
€228,289
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 352.20
+12.00 +3.53%
Volume: 28.33M
May 20, 2022 4:08p
P/E Ratio
12.58
Dividend Yield
0.45%
Market Cap
$3246.76 billion
Rev. per Employee
$5.99M
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/zigman2/quotes/206448829/delayed
XE : Germany: Xetra
172.80
+0.92 +0.54%
Volume: 1.04M
May 20, 2022 6:30p
P/E Ratio
16.43
Dividend Yield
1.91%
Market Cap
€32.84 billion
Rev. per Employee
€346,379
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 521.28
-4.72 -0.90%
Volume: 824,201
May 20, 2022 3:23p
P/E Ratio
34.52
Dividend Yield
0.98%
Market Cap
$214.79 billion
Rev. per Employee
$736,675
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
500.70
-2.00 -0.40%
Volume: 1.00M
May 20, 2022 5:39p
P/E Ratio
38.85
Dividend Yield
1.10%
Market Cap
€202.83 billion
Rev. per Employee
€595,476
loading...
/zigman2/quotes/203152288/delayed
XE : Germany: Xetra
27.73
-0.12 -0.43%
Volume: 4.78M
May 20, 2022 6:30p
P/E Ratio
22.44
Dividend Yield
0.97%
Market Cap
€36.24 billion
Rev. per Employee
€242,363
loading...
/zigman2/quotes/205647546/delayed
CH : Switzerland: SWX
CHF 11.10
+0.03 +0.27%
Volume: 989,046
May 20, 2022 5:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
CHF2.89 billion
Rev. per Employee
CHF217,985
loading...
/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 96.40
+1.05 +1.10%
Volume: 1.74M
May 20, 2022 3:23p
P/E Ratio
19.58
Dividend Yield
1.59%
Market Cap
$112.71 billion
Rev. per Employee
$306,370
loading...
/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
92.02
+1.79 +1.98%
Volume: 3.36M
May 20, 2022 6:30p
P/E Ratio
21.87
Dividend Yield
2.12%
Market Cap
€106.44 billion
Rev. per Employee
€265,996
loading...
/zigman2/quotes/207286669/delayed
XE : Germany: Xetra
7.24
+0.02 +0.22%
Volume: 5.50M
May 20, 2022 6:30p
P/E Ratio
21.07
Dividend Yield
0.00%
Market Cap
€9.04 billion
Rev. per Employee
€229,478
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