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Jan. 11, 2022, 8:36 a.m. EST

Struggling techs lift European stocks

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By Steve Goldstein

European stocks rebounded Tuesday, led by the struggling technology sector.

Still down 6% for the year, the Stoxx Europe 600 technology sector /zigman2/quotes/210599534/delayed XX:SX8P +0.05% advanced by 2%. Cloud communications firm Sinch /zigman2/quotes/209396839/delayed SE:SINCH -0.69% jumped 9%, and systems integration consultant Reply /zigman2/quotes/200237290/delayed IT:REY -0.58% rose 6%. Prosus /zigman2/quotes/214038022/delayed NL:PRX -1.23% , the investment company holding nearly a third of China’s Tencent, rose 4%.

Growth stocks have struggled this year on concerns over rising interest rates. While the focus is on the big climb in yields on the 10-year Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% , the German bund /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y 0.00% of similar maturity is on the verge of turning positive.

Nokia /zigman2/quotes/203672305/delayed FI:NOKIA -0.20% added 1% as the telecom equipment maker said venture fund investments would help its margins exceed guidance, even as its underlying business performed largely as expected.

While tech stocks enjoyed a reversal, banks /zigman2/quotes/210599339/delayed XX:SX7P +0.86% and automakers /zigman2/quotes/210599241/delayed XX:SXAP +0.50% were flat following a year of outperformance.

The broader Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.16% added 0.9%

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.74% and French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.14% each rose more than 1%, while the financials and energy dominated FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.47% added 0.6%.

/zigman2/quotes/210599534/delayed
XX : STOXX
624.76
+0.29 +0.05%
Volume: 0.00
Aug. 12, 2022 11:03p
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/zigman2/quotes/209396839/delayed
SE : Sweden: Stockholm
kr 24.40
-0.17 -0.69%
Volume: 13.39M
Aug. 12, 2022 5:29p
P/E Ratio
24.99
Dividend Yield
N/A
Market Cap
kr20.43 billion
Rev. per Employee
kr5.45M
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/zigman2/quotes/200237290/delayed
IT : Italy: Milan
137.50
-0.80 -0.58%
Volume: 26,216
Aug. 12, 2022 5:35p
P/E Ratio
34.06
Dividend Yield
0.58%
Market Cap
€5.13 billion
Rev. per Employee
€156,978
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/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
62.87
-0.78 -1.23%
Volume: 2.22M
Aug. 12, 2022 5:35p
P/E Ratio
5.82
Dividend Yield
0.22%
Market Cap
€89.30 billion
Rev. per Employee
€194,386
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.84
0.00 0.00%
Volume: 0.00
Aug. 12, 2022 5:10p
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/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
0.99
0.00 0.00%
Volume: 0.00
Aug. 12, 2022 6:01p
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/zigman2/quotes/203672305/delayed
FI : Finland: Helsinki
5.06
-0.01 -0.20%
Volume: 7.46M
Aug. 12, 2022 6:29p
P/E Ratio
17.09
Dividend Yield
1.58%
Market Cap
€28.62 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599339/delayed
XX : STOXX
133.61
+1.14 +0.86%
Volume: 0.00
Aug. 12, 2022 11:03p
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/zigman2/quotes/210599241/delayed
XX : STOXX
562.07
+2.78 +0.50%
Volume: 0.00
Aug. 12, 2022 11:03p
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/zigman2/quotes/210599654/delayed
XX : STOXX
440.87
+0.71 +0.16%
Volume: 0.00
Aug. 12, 2022 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,795.85
+101.34 +0.74%
Volume: 58,498
Aug. 12, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,553.86
+9.19 +0.14%
Volume: 59,403
Aug. 12, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,500.89
+34.98 +0.47%
Volume: 485,098
Aug. 12, 2022 4:52p
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