Tech stocks weigh on European shares, BP jumps on dividend boost

Delta spread keeps pressure on stock markets

Photograph: iStock

Photograph: iStock

 

Declines in technology stocks and worries over the global spread of the Delta variant of the coronavirus kept European stocks under pressure on Tuesday, despite encouraging earnings update from companies, including oil major BP and carmaker Stellantis.

By 0710 GMT, the region-wide Stoxx 600 index slipped 0.1 per cent after hitting a record high in the previous session. Asian stocks were also mostly lower as the Delta variant spread in key markets.

Chinese officials took aim at video game producers once again, knocking shares of Dutch firm Prosus, which has a stake in Chinese tech giant Tencent, by 5.0 per cent.

Tech stocks were the biggest drag after German chipmaker Infineon Technologies fell 4.7 per cent as it said it was battling extreme tightness in its markets.

Oil major BP rose 3.5 per cent as it lifted its dividend and ramped up share buybacks after second-quarter profit rose to $2.8 billion.

Carmaker Stellantis climbed up 3.9 per cent after it raised its full-year target on its adjusted operating profit margin. – Reuters