Europe midday: Stoxx holds gains despite Nvidia turmoil.


European shares edged away from record highs on Thursday as strong regional earnings outweighed volatility in the tech sector on reports that the Nvidia board was mulling the dismissal of CEO Jensen Huang over his affair with an alleged Chinese spy and a rumoured second extramarital relationship.

Source: Sharecast

The pan-regional Stoxx 600 index was up 0.42% to 665 at 1145 GMT having touched 665.65 on the opening bell. Most major regional bourses were higher with Germany's DAX up 0.83% after reaching its own high of 26,977.

Nvidia shares fell more than 8% in Frankfurt after reports that the board was considering the future of Huang following allegations relating to his personal conduct.

According to reports, directors met on Wednesday to discuss Huang's position after fresh claims emerged of a separate relationship with a company employee, marking a shift from the board's earlier public backing of the CEO. Shares were down more than 8% after the Wall Street Journal reported that the chipmaker was preparing to remove Huang from the role.

The news sent European tech stocks lower, with BE Semiconductor, Soitec, Infineon and ASML all lower.

In other equity news, shares in UK defence firm Qinetiq slipped into the red as it posted higher interim profits and announced the sale of its US business to Serco.

Rolls-Royce also gained as the aircraft engine maker announced a new £1.5bn share buyback programme on and reiterated its confidence in long-term cash generation, citing strong demand across its civil aerospace, defence and power systems businesses.

Adecco surged as the recruitment company's third-quarter results beat estimates, while B&M Retail soared on full-year results.

Reporting by Frank Prenesti for Sharecast.com

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