Tech stocks weigh on European shares

(Reuters) – European shares opened lower on Thursday, mirroring the downbeat mood in Asian markets, as tech stocks weighed on the benchmark, although a raft of upbeat corporate updates kept losses in check.

The pan-European was down 0.7% by 0710 GMT.

Basic resources fell the most among sectors, down 1.5%, as prices were subdued due to higher inventories and a pessimistic global growth outlook. [MET/L]

The tech sector lost 1.3%, following a decline in Asian tech stocks. [MKTS/GLOB]

Allianz (ETR:) gained 1% after the company posted a better-than-expected 7.5% rise in second-quarter net profit and said it was on track to meet its full-year target.

Deutsche Telekom (OTC:) was up 1.3% after the telecom firm reported a 7.8% increase in its second quarter core earnings, in line with analysts’ consensus.

Zurich Insurance lost 3.3% despite the German insurer topping profit forecasts.

Beazley soared 10.2% after the British insurer upgraded its combined ratio forecast for 2024 after its first-half pre-tax profit nearly doubled to $728.9 million.

Entain surged 9.4% as the British gambling group raised its annual net gaming revenue and earnings forecast on Thursday, after a better-than-expected second-quarter performance.