AMSTERDAM/LONDON: European shares rose on Thursday as investors focused on a steady economic rebound against the backdrop of fears of a tapering in global monetary stimulus, while technology stocks jumped, taking cues from their US peers. The pan-European STOXX 600 was up 0.9%, with technology, retail and travel and leisure stocks among the biggest gainers.
Technology stocks jumped 1.7%, tracking gains in the tech-heavy US Nasdaq index. The benchmark STOXX 600 has seen sharp swings this week, with losses on Wednesday almost erasing gains from the previous two days as mixed messages from the US Federal Reserve left investors uncertain about central banks' approach to tapering their massive stimulus in the face of rising inflation.
However, with the European Central Bank reaffirming its accommodative stance on monetary policy earlier this month, analysts said they did not expect European equities to continue to slide. German shares gained 0.9% as data showed the business climate index rose by more than expected in June and hit its highest level since November 2018.
London's FTSE 100 rose 0.6%, while the mid-caps index fell 0.5%. In company news, Swiss laboratory instruments maker Tecan Group jumped 10.8% to a record high after it said it would buy US medical devices and life sciences instruments group Paramit Corp for $1 billion.
French retailer Carrefour SA rose 0.7% after it said late on Wednesday it had started considering possible consolidation, divestitures or tie-ups of its foreign subsidiaries. Airbus shares gained 0.6% even as regulators called for more rigorous checks when pulling some its jets out of pandemic storage following flawed cockpit readings that could suggest blocked sensors.
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