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Tech stocks push Europe lower after Wall St tumbles

Published 07/14/2020, 03:29 PM
Updated 07/14/2020, 03:30 PM
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 14 (Reuters) - European stocks opened lower on Tuesday,
hit by a drop overnight on Wall Street following a flare-up in
U.S.-China tensions and new coronavirus restrictions.
The pan-European STOXX 600 index .STOXX fell 1.3% by 0712
GMT, with technology stocks .SX8P slumping 2.7%.
U.S. tech majors lost momentum on Monday after California
shut bars, banned restaurant dining and other businesses to
contain a surge of coronavirus infections, raising fears it may
slow a U.S. economic recovery. .N Meanwhile, Washington on Monday rejected China's disputed
claims to offshore resources in the South China Sea, a move that
Beijing criticised as inciting tensions in the region.
The latest skirmish dampened risk sentiment even as
investors were hopeful that companies will surpass beaten-down
earnings expectations with the reporting season underway.
German meal-kit delivery firm Hellofresh HFGG.DE gained
4.3% as it raised its full-year revenue forecast, while
industrial technology group Hexagon HEXAb.ST jumped 5.9% after
forecasting second-quarter profit above market expectations.

Norwegian oil firm Aker BP AKERBP.OL slipped 2.4% as crude
prices fell, but the company beat second-quarter pre-tax profit
expectations.

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