European Markets Rebound Led By Technology Stocks
2024-11-21
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(fxcue news) - European shares rebounded on Thursday, with technology stocks rising after reports emerged that U.S. restrictions on sales of semiconductor technology and AI memory chips to China would not be as severe as previously expected.
The upside remained capped somewhat amid worries that a French budget standoff may topple the government.
The pan-European STOXX 600 was up 0.6 percent at 508.06 after falling 0.2 percent on Wednesday.
The German DAX and France's CAC 40 both jumped around 0.7 percent, while the U.K.'s FTSE 100 edged up by 0.2 percent.
In the tech space, Infineon Technologies rose about 1 percent and ASM International surged over 3 percent.
Volkswagen rose about 1 percent after the German car giant said that it would sell its factory and test track in Xinjiang for "economic reasons."
Heidelberg Materials added 0.6 percent after it struck a deal to buy U.S. company Giant Cement Holding and its subsidiaries for $600 million.
U.K.'s Direct Line Insurance jumped 39 percent after rejecting Aviva's massive takeover bid.
British Airways owner IAG advanced 1.7 percent as the insurance giant agreed to buy 90 percent of Royal Automobile Club of Queensland's (RACQ's) existing insurance underwriting business.
Air France KLM gained 1.4 percent on reports the airline is considering acquiring 20 percent of Air Europa.
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