STOXX 600 opens higher on tech boost, set for weekly gains
2024.11.22 05:21
(Reuters) – Tech shares led gains in Europe on Friday, with the benchmark stock index hitting a one-week high and on track for its first weekly advance in five, as the recent selling pressure driven by geopolitical tensions came to a halt.
The pan-European was up 0.6% as of 0815 GMT, set for its second day of gains following a four-day losing streak as rising uncertainty around the Ukraine-Russia conflict boosted demand for safe-haven assets.
Likely economic implications of proposed tariffs by U.S. President-elect Donald Trump have also weighed on the European market sentiment.
The STOXX 600, however, eyed weekly gains after losing over 4% in the past four weeks.
Tech hit a one-week high, up 1%, led by chip stocks. The sector ended Thursday higher, reversing early losses after U.S.-based Nvidia (NASDAQ:)’s overnight revenue forecast.
Miniature wargame maker Games Workshop Group jumped 12% after a trading update. Brenntag rose 3.3% after Berenberg upgraded the chemicals distributor’s stock to “buy” from “hold”.
Thales (EPA:) fell 4% on Britain’s Serious Fraud Office’s (SFO) investigation of suspected bribery and corruption at the company jointly with French authorities.
The euro zone’s flash PMI for November, due later in the day, will provide further clues on the state of the European economy which is already struggling and is likely headed for more pain under Trump.
