Live Markets: STOXX 600 rises to 6-1/2 week high
29/08/2024 09:10
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STOXX 600 up 0.3%
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Tech stocks eke out gains
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Spirits makers surge
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Wall St futures mixed
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STOXX 600 RISES TO 6-1/2 WEEK HIGH
Europe's STOXX 600 .STOXX is up 0.3% on Thursday to its highest level since July 15, while
other major bourses are also eking out gains.
Germany's DAX .GDAXI , France's CAC .FCHI and Britain's FTSE .FTSE are all higher by
0.1%-0.4%.
Technology stocks .SX8P are gaining as Europe's chip makers shrug off earnings from Nvidia
NVDA.O which failed to hurdle a very high bar.
The AI behemoth grew its revenue by over 120% in the quarter, but even that wasn't enough
for shareholders as the stock fell about 6% after market.
"Nvidia has grown to a point where there is little room for error," says Ben Barringer,
technology and media analyst at Quilter Cheviot.
"While the share price has been knocked after hours, there remains little fundamentally
wrong with Nvidia."
That might explain why European semis are taking Nvidia's results in their stride, with
STMicro STMPA.PA , ASML ASML.AS and ASM International ASMI.AS up between 0.7%-1.3%.
Meanwhile, shares in European spirits makers surged after China's Commerce Ministry said it
would not be imposing a provisional anti-dumping subsidy on brandy imported from the European
Union. Remy Cointreau RCOP.PA and Pernod Ricard PERP.PA shares are both up around 8%, giving
a lift to Europe's food and beverage sector .SX3P which rose to a 10-1/2 week high.
Here's your opening snapshot:
(Samuel Indyk)
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THURSDAY'S OTHER LIVE MARKETS POSTS:
EUROPEAN FUTURES STEADY AFTER NVIDIA RESULTS CLICK HERE
NVIDIA WATCH PARTY OVER, BACK TO INFLATION VIGIL CLICK HERE
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Historical investor reaction to Nvidia results https://reut.rs/3Xkoqbm
European equities rise, Wall St futures soft https://reut.rs/4dDD96Y
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