Tech shares, corporate earnings lift European stocks

  • Reuters
  • Stock Market News
Tech shares, corporate earnings lift European stocks
Credit: © Reuters.

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Jan 25 (Reuters) - European stocks rose on Monday as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns as many countries grapple with new variants of the novel coronavirus.

The pan-European STOXX 600 index .STOXX rose 0.4% by 0810 GMT. The benchmark ended last week almost flat after data showed Europe's dominant service sectors took a hard hit from renewed lockdowns in January.

Tech stocks .SX8P gained the most, with their U.S. peers trading near all-time highs. Dutch technology investor Prosus PRX.AS jumped 7.9%, while chipmakers also climbed.

In corporate earnings, Dutch health technology company Philips PHG.AS gained 2.3% after it reported a 7% increase in fourth-quarter core profit. Energy ENR1n.DE , which makes turbines for the power sector, rose 2.4% after it swung to a core profit in its fiscal first quarter. stocks .FCHI struggled for gains amid talks of a third lockdown, while Italian stocks .FTMIB shrugged off newspaper reports that Prime Minister Giuseppe Conte is close to resigning. are awaiting the Ifo institute's survey on German business climate in January. The numbers are expected to show a decline in business morale on the back of tighter restrictions.

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