Tech stocks weigh on European shares
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, News.az reports citing Reuters
The pan-European STOXX 600 (.STOXX), opens new tab was down 0.7% by 0710 GMT.Basic resources fell the most among sectors, down 1.5%, as copper prices were subdued due to higher inventories and a pessimistic global growth outlook.
The tech sector (.SX8P), opens new tab lost 1.3%, following a decline in Asian tech stocks.
Allianz (ALVG.DE), opens new tab 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 (DTEGn.DE), opens new tab 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 (ZURN.S), opens new tab lost 3.3% despite the German insurer topping profit forecasts.
Beazley (BEZG.L), opens new tab 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 (ENT.L), opens new tab 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.
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