Stocks on the move: Electrolux, Essity down 8%; Hikma up 7%
Shares of Swedish health and hygiene products company Essity and home appliance manufacturer Electrolux both fell more than 8% in early trade after missing second-quarter earnings expectations. At the top of the Stoxx 600, shares of British pharmaceutical company Hikma rose 7%.
European tech stocks followed their U.S. counterparts lower in early trade. Nasdaq 100 futures slid in after-hours trading Wednesday evening as Netflix missed second-quarter earnings expectations, while Tesla CEO Elon Musk and other executives told an earnings call to expect a slowdown in vehicle production in the third quarter.
German producer prices rose by 0.1% year on year in June, the federal statistics office said Thursday, slightly exceeding analyst expectations of no annual change.
China’s major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early trades on Thursday, Reuters reported. Citing two people “with direct knowledge of the matter”, Reuters said one of the sources also revealed that such moves were meant to slow the pace of yuan declines.
Goldman Sachs named Chinese stocks it says are likely to benefit from developments in generative artificial intelligence — and two are on the bank’s conviction list of buy-rated names. In two research notes dated July 16, Goldman gave an overview of opportunities and risks created by generative AI and picked the stocks likely to benefit.
Shares of ASML have soared this year on the buzz around semiconductor firms and artificial intelligence — its Netherlands-listed shares have jumped about 32% in the year to date, while its U.S.-listed ones have surged almost 40%. But it’s facing a number of risks, including U.S.-China tensions.
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