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 +0.52% advanced by 2%. Cloud communications firm Sinch /zigman2/quotes/209396839/delayed SE:SINCH -4.93% jumped 9%, and systems integration consultant Reply /zigman2/quotes/200237290/delayed IT:REY +0.62% rose 6%. Prosus /zigman2/quotes/214038022/delayed NL:PRX +1.08% , 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 +1.17% , the German bund /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y +0.46% of similar maturity is on the verge of turning positive.
Nokia /zigman2/quotes/203672305/delayed FI:NOKIA +0.89% 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 +1.27% and automakers /zigman2/quotes/210599241/delayed XX:SXAP +0.17% were flat following a year of outperformance.
The broader Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.98% added 0.9%
The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.12% and French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +1.27% each rose more than 1%, while the financials and energy dominated FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.93% added 0.6%.
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