(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
* Investors bet on bigger fiscal package by Joe Biden
* China reports better-than-expected export growth
* Italian stocks lag on political turmoil
(Updates to market close)
By Sruthi Shankar
Jan 14 (Reuters) - European shares rose for a third straight session on Thursday, as a jump in technology stocks, hopes of a large stimulus under incoming U.S. President Joe Biden and upbeat Chinese export data boosted sentiment.
Biden is expected to unveil a stimulus package proposal later in the day, designed to jumpstart a pandemic-struck U.S. economy with an economic lifeline that could exceed $1.5 trillion. exports grew more than expected in December, data showed, while Germany's economy shrank by a smaller-than-expected 5.0% in 2020 as a strong state response helped limit the havoc caused by the COVID-19 pandemic. investors were worried the latest coronavirus lockdowns in Europe could further slow a recovery even as vaccination programmes began. came into the year with a view that vaccines will kick in over the first half of the year and economic growth should bounce back materially. Obviously that is more biased to the second half of the year," said Nick Peters, multi-asset portfolio manager at Fidelity International.
"An uncertain start to the year was within our expectations, and as long as we can see mobility data, PMIs beginning to improve over the year, we're going to be comfortable with the risk position that we've taken."
European chipmakers received a boost after Taiwan's TSMC 2330.TW posted a record high quarterly profit due to demand for devices requiring high-end chips. equipment makers ASMI ASMI.AS jumped 7.6% and ASML ASML.AS rose 5.9%, while the wider tech index .SX8P was up 1.9%.
Finnish telecom network equipment maker Nokia NOKIA.HE jumped 5.0% after announcing mutiple 5G deals with companies including Alphabet's GOOGL.O Google and T-Mobile TMUS.O . worries hit Italy's FTSE MIB .FTMIB , down 0.5%, after former premier Matteo Renzi withdrew his small Italia Viva party from the ruling coalition, sinking Prime Minister Giuseppe Conte's government on disagreements over funding. in Italian lenders .FTIT8300 , whose big sovereign bond portfolios makes them sensitive to political risk, fell 0.9%.
"While not our base case, early elections look possible and would likely lead to a new government less aligned with the EU," analysts at Morgan Stanley (NYSE: MS ) said in a note.
Carrefour CARR.PA slipped 2.5% after the French government took a tough line against any takeover of the retailer by a foreign company in the wake of a $20 billion bid approach by Canadian convenience-store operator Alimentation Couche-Tard ATDb.TO . plumbing supplies maker Geberit GEBN.S dropped 5.6% after it revealed a hit to sales from the surge in value of the franc during 2020.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.