European stocks ease from peaks, Prosus hits 1-year low
* Auto stocks end lower
* Tencent investor Prosus tumbles
* German DAX hit by business morale data
By Sruthi Shankar and Shreyashi Sanyal
July 26 (Reuters) - European stocks eased from all-time highs on Monday, hurt by a decline in shares of Dutch technology investor Prosus on regulatory clampdowns in China.
The pan-European STOXX 600 index .STOXX fell 0.1%, snapping a four-session rally.
Prosus NV PRX.AS , which has a 28.9% stake in Tencent 0700.HK , tumbled 8.8% to a more than one-year low after Beijing intensified its regulatory crackdown on the Chinese internet giant.
"The current profit taking induced in part by pressure on China's tech is unlikely to last long as U.S. stocks should again be bought on the dip," said Sebastien Galy, senior macro strategist at Nordea Asset Management.
Despite concerns about surging COVID-19 cases globally and rising inflation, the STOXX 600 hit a record high on Friday as strong earnings reports and dovish signs from the European Central Bank boosted appetite for risky equities.
Automakers .SXAP fell on Monday. Porsche PSHG_p.DE was down 1.9% as it traded without entitlement for dividend, and French car parts maker Faurecia EPED.PA slipped 5.7% despite raising its 2021 net cash flow target.
Europe's largest low-cost carrier, Ryanair RYA.I , rose 3.8% as it nudged up its forecast for full-year traffic on strong summer bookings.
That helped the wider travel and leisure sector .SXTP to be among the few sectoral gainers on Monday.
Analysts expect second-quarter profit at STOXX 600 companies to jump 115% versus a year ago, as per Refinitiv IBES data. Out of nearly a third of STOXX 600 companies that have reported so far, 63% have topped profit estimates.
"We continue to advocate a strong weighting towards Europe," equity strategists at Jefferies wrote in a note.
"We expect European economic momentum to pick up running into 2022 accompanied by earnings growth ~67% y-y for 2021 and ~22% y-y for 2022 which should lift the STOXX 600 index to 500."
Germany's DAX index .GDAXI fell 0.3% after an Ifo institute survey showed business morale fell unexpectedly in July on continuing supply chain worries.
"The DAX is underperforming after the latest IFO survey appeared to suggest that the German economy is starting to slow in the wake of rising costs and Delta variant infections," said Michael Hewson, chief market analyst at CMC Markets.
Spanish pharmaceuticals company Almirall ALM.MC fell 11.6% after posting a first-half net loss of 42.8 million euros ($50.41 million).
German biotech firm Morphosys MORG.DE slid 8.7% after cutting its revenue guidance for 2021.
Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila and Timothy Heritage
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。