Aug 8 2024: European shares opened lower on Thursday, reflecting the subdued sentiment in Asian markets, with tech stocks and basic resources dragging down the benchmark index. The pan-European STOXX 600 was down 0.7% by 0710 GMT.
The basic resources sector fell 1.5%, driven by weak copper prices amid rising inventories and a bleak global growth outlook. The tech sector also declined by 1.3%, following a drop in Asian tech stocks.
However, upbeat corporate updates provided some support. Allianz gained 1% after reporting a 7.5% increase in second-quarter net profit, surpassing expectations, and reaffirmed its full-year target. Deutsche Telekom rose 1.3% on a 7.8% increase in its second-quarter core earnings, aligning with analyst forecasts.
Conversely, Zurich Insurance dropped 3.3% despite exceeding profit estimates. Beazley surged 10.2% after upgrading its 2024 combined ratio forecast, driven by a nearly doubling of its first-half pre-tax profit to $728.9 million. Entain also saw a significant rise of 9.4% following an improved second-quarter performance and an upward revision of its annual net gaming revenue and earnings forecast.
