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European shares buoyed by commodity stocks on China stimulus hopes

01/12/2022 | 12:09pm EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European shares ended higher on Wednesday, supported by commodity-linked stocks which rose on hopes of more stimulus in major importer China, while easing bond yields took pressure off the technology sector.

The pan-European STOXX 600 index closed up 0.7%, with the basic resources and energy sectors up 3.2% and 2.3% respectively.

Commodity prices rose after sluggish factory-gate inflation data in China showed more room for policy easing, which is likely to see the central bank release more money into the economy.

Bets on fast U.S. policy tightening slimmed after Fed Chair Jerome Powell said it may take several months to make a decision on reducing the Fed's $9 trillion holding. U.S. inflation data also came in line with expectations for December, although the figure remained around 40-year highs.

"Powell's speech had no surprises, so yields haven't risen further. When you have yields stabilising, growth names are back," said Roland Kaloyan, head of European equity strategy at Societe Generale.

Bond yields on both sides of the Atlantic retreated, allowing technology stocks to extend their recovery into a second day. The sector rose 1.5%.

The STOXX 600 had logged its best day in nearly three weeks on Tuesday as technology stocks snapped a seven-day losing streak, while investors looked ahead to a positive fourth-quarter earnings season.

Profit for companies listed on the STOXX 600 is expected to rise 48.5% in the fourth quarter to 108.7 billion euros ($123.5 billion) from a year earlier, a slight dip from the prior estimate of 49.3%, Refinitiv data showed.

"Overall it should be another good season, but several companies communicated a lot of the good in 2021. What could be a catalyst for the market is going to be the guidance for 2022," Societe Generale's Kaloyan added.

Among individual stocks, German software company TeamViewer surged 14.9% after announcing upbeat preliminary fourth-quarter and full-year results.

French cloud computing company OVHcloud climbed 4.6% following a 13.9% rise in first-quarter revenue and said it was on track to achieve its full-year targets.

Just Eat Takeaway.com, Europe's largest meal delivery company, inched 3.6% higher after posting a 14% increase in orders in the fourth quarter and maintained its financial forecasts for 2022.

Dutch firm Philips plunged 15.5% after saying it expects fourth-quarter core profit to drop around 40%, hit by a global shortage of parts and a recall of ventilators.

(Reporting by Anisha Sircar in Bengaluru; Editing by Shounak Dasgupta and Vinay Dwivedi)

By Anisha Sircar and Ambar Warrick

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.04% 0.70419 Delayed Quote.-4.16%
BRITISH POUND / US DOLLAR (GBP/USD) 0.27% 1.24948 Delayed Quote.-8.76%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.05% 0.7792 Delayed Quote.-1.91%
EURO / US DOLLAR (EUR/USD) -0.17% 1.0559 Delayed Quote.-7.89%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.59% 0.012844 Delayed Quote.-4.30%
JUST EAT TAKEAWAY.COM N.V. 0.92% 19.94 Real-time Quote.-59.24%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.43% 0.6406 Delayed Quote.-7.97%
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-17.45%
OVH GROUPE -0.08% 18.78 Real-time Quote.-26.00%
PHILIPS NV 0.88% 23.4 Real-time Quote.-29.21%
SOCIÉTÉ GÉNÉRALE 0.08% 24.495 Real-time Quote.-18.97%
STOXX EUROPE 600 NR 0.74% 986.21 Delayed Quote.-10.89%
TEAMVIEWER AG 2.30% 12.45 Delayed Quote.2.96%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -1.02% 28.88 Delayed Quote.-43.67%
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Sales 2022 18 272 M 19 276 M 19 276 M
Net income 2022 806 M 850 M 850 M
Net Debt 2022 4 281 M 4 517 M 4 517 M
P/E ratio 2022 24,1x
Yield 2022 3,75%
Capitalization 20 342 M 21 460 M 21 460 M
EV / Sales 2022 1,35x
EV / Sales 2023 1,25x
Nbr of Employees 78 189
Free-Float 97,5%
Duration : Period :
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 23,20 €
Average target price 32,18 €
Spread / Average Target 38,7%
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Frans van Houten Chief Executive Officer
Abhijit Bhattacharya Chief Financial Officer & Executive Vice President
Feike Sijbesma Chairman-Supervisory Board
Jan Kimpen Chief Medical Officer
Sophie Bechu Chief Operating Officer & Executive Vice President
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PHILIPS NV-29.21%21 348