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STOCKS PULL BACK WITH BIG TECH EARNINGS IN FOCUS

Alphabet beats analysts' expectations on top, bottom line as cloud business gains steam

Hapag-Lloyd raises outlook on strong shipping demand, increased freight rates

Reuters
Hapag-Lloyd sign on a container ship is pictured at the Valparaiso port

(Reuters) - German container firm Hapag-Lloyd on Tuesday raised its earnings outlook for 2024 buoyed by heightened demand and increased short-term freight rates.

The firm now expects earnings before interest, taxation, depreciation and amortisation (EBITDA) for the full year in the range of 3.2 billion euros ($3.5 billion) to 4.2 billion euros, it said in a statement.

($1 = 0.9251 euros)

(Reporting by Kanjyik Ghosh; editing by David Evans)