Heading 1
The pan-European STOXX 600 hit a one-month high on Thursday, helped by mining, banking and healthcare stocks, but chip-related stocks sold off after Taiwanese firm TSMC’s bleak outlook.
The Stoxx 600 closed up 0.4%, continuing its third straight session of gains. The index peaked today at 464.17 points.
Rising promising corporate earnings and data pointing to a sharp slowdown in UK consumer price growth are hopeful for an easing of global price pressures, according to Reuters.
Heading 2
The European mining and healthcare index rose 1.6%, while the banking index rose 0.6%. Today, three sectors recorded the best results.
The tech sector index, which is up nearly 23% this year, posted the biggest loss in Europe, closing up 2.5%.
Semiconductor stocks including ASML, ASM International and Extron tumbled 2.7% to 5.6% after TSMC forecast lower sales in 2023 as global economic woes hit chip demand.
Earnings on stocks listed on the STOXX 600 are expected to decline 9.2% in the second quarter compared to the same quarter last year, according to IBES Refinitiv data.
