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Earnings lift European tech index to over 2-year high

Published 24/01/2024, 08:49
© Reuters. FILE PHOTO: A smartphone with a displayed ASML logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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MILAN (Reuters) - Europe's STOXX Tech index jumped over 3% to its highest since January 2022 on Wednesday as traders cheered strong earning updates from some of the region's top technology groups.

Chipmaking equipment maker ASML (AS:ASML), Europe's biggest technology company by market value, reported better-than-expected net profit and its best-ever quarterly orders, while German software maker SAP forecast double-digit growth in revenue from its key cloud business.

© Reuters. FILE PHOTO: A smartphone with a displayed ASML logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

By 0835 GMT, SAP rose over 7% in Frankfurt to an all-time high and ASML gained 6.3% in Amsterdam.

Including Wednesday's gains, Europe's tech index is up 5.5% so far this year, while the broader STOXX 600 is down almost 1%.

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