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Techs power European stocks
LONDON, England (CNN) -- European markets were up on Wednesday morning after software giant Microsoft and chipmaker Intel posted strong earnings. London's FTSE 100 rose 1 percent to 3,957.9 and Frankfurt's electronically traded Xetra Dax jumped 2.6 percent to 2,907.86, while the CAC 40 blue chip index in Paris climbed 2.2 percent to 2,987.09. The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 1.4 percent, with insurance and technology stocks leading gains. Wall Street was expected to open higher after Intel reported earnings in line with expectations, while Microsoft reported higher quarterly earnings and revenue. European chipmakers were among the top gainers. Europe's biggest, STMicroelectronics (PSTM), rose 5.9 percent to 18.47 euros, No.2 Infineon Technologies (FIFX) soared 8.1 percent to 7.56 euros and Philips Electronics, the region's biggest consumer electronics and third-largest semiconductor maker, added 3.6 percent to 17.39 euros. ASML, one of the world's biggest chip equipment makers, rose 5.5 percent to 7.12 euros in Amsterdam despite posting a worse than expected net loss. French consumer electronics company Thomson surged 8.7 percent to 12.60 euros despite reporting first quarter 2003 sales of 1.905 billion euros, slightly below market expectations. Nokia (NOK), the world's biggest mobile phone maker, rose 2.9 percent to 14.35 euros. American rival Motorola (MOT) said on Tuesday its full-year profits would be below its previous forecast, but its shares rose after-hours in New York as investors had feared worse. The AEX index in Amsterdam rose 2.4 percent and Milan's MIB30 index gained 1 percent, while the SMI in Zurich climbed 1.3 percent. In the U.S. on Tuesday, stocks managed small gains as investors digested mixed earnings and economic news. The Dow Jones industrial average and the S&P 500 index each rose 0.6 percent, while the Nasdaq composite added 0.4 percent.
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