(Updates to market close)
* China concerns dent luxury stocks
* Food delivery stocks fall on DoorDash-Wolt deal
* M&S tops STOXX 600 on strong results
Nov 10 (Reuters) - European stocks closed at a record high
on Wednesday following strong earnings from the media and energy
sectors, while technology stocks fell as fears of increased
competition weighed on popular online food delivery companies.
The pan-European STOXX 600 was up 0.2% at 483.76
points, with media and energy stocks among the
top gainers. British broadcaster ITV surged 15.1% after
it forecast record-high advertising revenue this year.
Siemens spin-off Siemens Energy advanced 3.5%
after proposing a 0.10 euros per share dividend on strong free
cash flow gains.
"We've seen strong earnings which have been fueling rallies
over the last few weeks, but there are concerns about firms'
performance towards the end of the year - how this may start to
cede and dampen their ability to push higher if prices continue
to rise," said Daniela Sabin Hathorn, markets analyst at IG.
"Until we see a decisive move from central banks to change
rates and show strength on their concerns about taming
inflation, equity markets are going to remain strong."
Profits of companies listed on the STOXX 600 are expected to
jump 60.7% in the third quarter to 104.4 billion euros ($120.7
billion) from a year earlier, new Refinitiv data showed, a
slight improvement from last week's 57.2% estimate.
Bank stocks rose 0.5%, tracking a rise in bond
yields after data showed U.S. inflation rose more than expected.
Precious metal miners also gained as gold prices benefited from
increased hedging against inflation.
Technology stocks were the biggest decliners for the
day, losing 1.3%. Semiconductor maker Infineon
slipped 1.2% even after beating quarterly sales estimates, as
investors fretted over a global chip shortage.
Online food delivery stocks HelloFresh and Just
Eat Takeaway.com slipped 0.4% and 3.3%, respectively,
after U.S. peer DoorDash said it would buy
Finland-based rival Wolt Enterprises in a deal valued at about 7
billion euros ($8.09 billion).
British retailer Marks & Spencer surged 16.5% to the
top of the STOXX 600 after exceeding first-half profit forecasts
and hiking its full-year outlook.
But the overall personal & household goods sector
fell 0.4%, dragged down by a 3.7% fall in Adidas
after the German sportswear firm trimmed its 2021 forecasts due
to sourcing disruptions and a challenging China
Luxury stocks, including Kering, Hermes,
Moncler, LVMH, and Burberry fell
between 1% and 2.5% after data showing a rise in Chinese factory
inflation fueled concerns over stagflation in the country,
which is a top buyer of luxury goods.
(Reporting by Anisha Sircar in Bengaluru; Editing by Aditya
Soni and Bernadette Baum)