European Shares Close Out Best Week Since June on Strong Earnings
· Business · Economic Times
European shares rose on Friday to wrap up their best week since late June as robust corporate earnings helped cushion the blow from a global selloff in technology stocks. The pan-European STOXX 600 index climbed 0.7% to 644.74 points, reaching its highest level in over three weeks and gaining more than 2% for the week. Strong results from computer chip equipment maker ASML, chip systems supplier Aixtron, and telecom gear maker Ericsson supported investor sentiment despite pressures on high-flying tech shares. Aixtron advanced 6% after beating third-quarter order intake estimates and confirming its annual guidance, while Nordex soared 12.3%. Meanwhile, third-quarter earnings for STOXX 600 companies are projected to rise 20.7% from a year earlier, according to data from LSEG I/B/E/S.
Why it matters
The strong earnings performance shields European equity markets from contagion effects of the US technology selloff, benefiting global investors exposed to diversified regional sectors.
Read the original report — Economic Times
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