AMSTERDAM/LONDON: European stocks rose on Thursday after one of the worst selloffs this year as strong earnings and merger talks in the chip sector helped investors look past inflation worries.
The pan-European STOXX 600 index rose 1.3% after suffering a 1.5% loss in the previous session. Tech stocks gained 2.7% to lead sectoral gains.
Oslo-listed chipmaker Nordic Semiconductor jumped 9.8% to the top of STOXX 600 after an Italian daily reported that Franco-Italian rival STMicroelectronics is mulling an offer to buy the company. But, Nordic Semiconductor’s chief financial officer said the firm had “no knowledge” of any takeover interest from STMicroelectronics.
In earnings, French conglomerate Bouygues edged up 0.3% after it raised the full-year guidance for its telecoms division and reported a smaller than expected first-quarter core loss.
Deutsche Telekom added 2.5% on raising its medium-term core profit outlook.
Budget airline EasyJet fell 2.1% after it warned that late announcement of travel rules reduced visibility as it reported a wider half-year loss.
UK rail operator Trainline slumped 23.3%, marking its worst day on record, with traders pointing to hit from a reorganisation of Britain’s railway system.
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