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Earnings Optimism Drives European Stocks to Two-Week Highs

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Earnings Optimism Drives European Stocks to Two-Week Highs

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European stocks hit a more than two-week high on Thursday as investors hoped that a steady economic recovery from the pandemic-induced slump will support corporate earnings despite signs of elevated inflation. The pan-European STOXX 600 index rose 0.8 percent, with miners up 2.1 percent and technology stocks gaining for a second day. European semiconductor companies, including ASML, AMS and BE Semiconductor, were among the top gainers in the sector after Taiwan chip giant TSMC posted a 13.8 percent jump in third-quarter profit on the back of booming demand for semiconductors. A debate over the transitory nature of inflation continued as China’s factory gate inflation rose in September to a record high on soaring commodity prices. Investors are now awaiting U.S. producer prices data later in the day, with the reading expected to show a surge in prices. Supply chain disruptions, a global energy crisis and labour shortages have fuelled concerns …

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