Technology sector supports Europe stocks, while Commerzbank slumps on results – MarketWatch

European stocks rose on Wednesday, lifted by gains for technology names such as ASML Holding, while Commerzbank was the worst performer after the German bank’s results.

The Stoxx Europe 600 index SXXP, +0.43% rose 0.3% to 466.87, with the German DAX DAX, +0.37% up 0.4%, France’s CAC 40 index PX1, +0.24% up 0.2%, and the FTSE 100 index UKX, +0.32% flat. Gains were pared from earlier after private-sector payroll data from the U.S. said it added a fewer-than-expected 330,000 jobs in July, setting Wall Street stocks up for losses.

Gainers included Dutch-based tech and internet investment group Prosus N.V. PRX, +1.17%, which rose over 3%. Its largest investment is in Chinese tech giant Tencent 700, -1.14%, whose shares rebounded on Wednesday from a prior-session pullback.

German sportswear maker Adidas ADS, -0.26% and chip equipment maker ASML Holding ASML, +2.37% ASML, +2.21% were among the other gainers, up over 2% each. The tech sector was rising across the board, with Infineon Technologies IFX, +1.85% surging 4%, ams AMS, +2.09% up 2.6% and SAP SAP, +0.86% SAP, +0.29% gaining 1%.

Leading the downside were shares of Commerzbank CBK, -0.42%, after the German bank swung to a second-quarter loss due to one-off costs. The bank said net loss for the period was 527 million euros ($625.7 million) versus a profit of EUR183 million a year earlier. Analysts also noted the bank missed forecasts for underlying profit.

“The restructuring of Commerzbank is in full swing and successes will probably not be visible in the figures until 2022 at the earliest. A dividend or even share buybacks are unlikely to be discussed until 2023,“ said analysts at LBBW Research, who rate the bank a hold and cut their price target to €6.

Commerzbank shares fell 6% to €6.04.

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