Earnings lift European tech index to over 2-year high
Reuters
Published Jan 24, 2024 08:49
MILAN (Reuters) - Europe's STOXX Tech index jumped over 3% to its highest since January 2022 on Wednesday as traders cheered strong earning updates from some of the region's top technology groups.
Chipmaking equipment maker ASML (AS:ASML), Europe's biggest technology company by market value, reported better-than-expected net profit and its best-ever quarterly orders, while German software maker SAP forecast double-digit growth in revenue from its key cloud business.
By 0835 GMT, SAP rose over 7% in Frankfurt to an all-time high and ASML gained 6.3% in Amsterdam.
Including Wednesday's gains, Europe's tech index is up 5.5% so far this year, while the broader STOXX 600 is down almost 1%.
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Written By: Reuters
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