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European stocks flat as miners counter tech rally
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European stocks flat as miners counter tech rally
Jul 23, 2024 1:03 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

July 23 (Reuters) - European shares opened subdued on

Tuesday, as metal miners partially offset a technology-related

rally fuelled by robust earnings from SAP and Logitech.

The pan-European STOXX 600 index was flat at 514.9

points, as of 0715 GMT, after posting its best day in more than

a month on Monday.

Earnings updates grabbed investor attention, with SAP

jumping 6.2% after Europe's largest software maker

reported a 25% jump in its cloud business and beat analysts'

estimates for second-quarter revenue.

Shares of Logitech International advanced 2.3%

after the computer mouse maker raised its full-year sales and

profit outlook on strong quarterly growth.

The technology sub-index, which houses both the

stocks, advanced nearly 1%.

A 1.5% fall in metal miners, however, weighed on the

benchmark index as copper prices came under pressure due to

concerns over top consumer China's demand outlook.

New data and macro-economic projections will help the

European Central Bank reassess its monetary policy stance in

September, ECB Vice President Luis de Guindos said in an

interview with Europa Press.

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