European stocks stabilize and the gains of energy companies erase the losses of technology
07-21-2023 12:35 PM
Ammon – European stocks witnessed stability in the beginning of trading on Friday, as the decline in technology stocks, following the pessimistic expectations of the software company, SAP, squandered the gains of energy companies that track the impact of high oil prices.
The European Stoxx 600 index settled at 463.72 points by 0707 GMT, and is heading to record slight gains of 0.6 percent during the week.
Technology stocks in Europe fell 1.6 percent. And this sector is already the biggest loser among the major sectors for this week.
As for energy companies, they increased 0.7 percent, supported by high oil prices, as investors assessed the possibility of announcing more stimulus measures in China.
Shares of Swedish steelmaker SSAB tumbled 13.4 percent to the bottom of the Stoxx 600 after results showed a larger-than-expected drop in its quarterly profit, while Swiss drugmaker Lonza fell 7 percent after it cut its full-year forecast.
Sky News Arabia
Ammon – European stocks witnessed stability in the beginning of trading on Friday, as the decline in technology stocks, following the pessimistic expectations of the software company, SAP, squandered the gains of energy companies that track the impact of high oil prices.
The European Stoxx 600 index settled at 463.72 points by 0707 GMT, and is heading to record slight gains of 0.6 percent during the week.
Technology stocks in Europe fell 1.6 percent. And this sector is already the biggest loser among the major sectors for this week.
As for energy companies, they increased 0.7 percent, supported by high oil prices, as investors assessed the possibility of announcing more stimulus measures in China.
Shares of Swedish steelmaker SSAB tumbled 13.4 percent to the bottom of the Stoxx 600 after results showed a larger-than-expected drop in its quarterly profit, while Swiss drugmaker Lonza fell 7 percent after it cut its full-year forecast.
Sky News Arabia
