European Stocks Rise, Supported by Technology Sector Gains
Brussels, January 24 (QNA) – European stocks rose on Tuesday, supported by a new wave of gains for technology stocks, while investors await data that is expected to show a slight improvement in the activity of companies in the euro zone.
The pan-European STOXX 600 index rose 0.1 percent in the morning after a strong closing of Wall Street in the evening, supported by technology stocks that faltered last year in the wake of raising interest rates.
The preliminary reading of Standard & Poor’s Global is expected at 09:00 GMT, and is expected to show that the composite PMI for the Eurozone rose to 49.8 in January, a slight improvement from 49.3 in December, as energy prices fell and inflation moderated.
German defense firm Rheinmetall rose 1.2 percent after the company’s chief executive expected sales to grow to 11-12 billion euros (USD 12-13 billion) in 2025, according to press sources.
The Swatch Group rose 0.8 percent after the company expressed optimism about the recovery in the Chinese market and announced a 2.5 percent increase in 2022 sales. (QNA)