European shares dip; ASML, ING among early gainers

The German share price index DAX graph is pictured at the stock exchange in Frankfurt
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 26, 2021. REUTERS/Staff

February 12, 2021

(Reuters) – European stocks edged lower on Friday, on track to end the second straight week of gains, as investors awaited more signs of progress in U.S. stimulus measures, while a rise in shares of ASML and ING kept declines in check.

The pan-European STOXX 600 index dipped 0.1%, after having gained nearly 4% so far this month.

ING Groep NV jumped 5% after the largest Dutch bank reported better-than-expected fourth-quarter pre-tax earnings of 1.05 billion euros ($1.27 billion).

ASML Holding NV rose 1.5% after the Dutch equipment maker said chip shortages slowing car production were a symptom of broader increased demand that is placing strains on suppliers across the semiconductor sector.

European technology stocks were 0.4% higher, among the few sectors in positive territory in early trading.

Market participants were hopeful that a proposed $1.9 trillion U.S. stimulus bill would be passed soon by lawmakers, with data showing a stalling recovery in the U.S. labour market strengthening the case for it. [MKTS/GLOB]

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta)