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Europe Markets: Struggling techs lift European stocks

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

Still down 6% for the year, the Stoxx Europe 600 technology sector XX:SX8P advanced by 2%. Cloud communications firm Sinch SINCH, +8.11% jumped 9%, and systems integration consultant Reply REY, +5.04% rose 6%. Prosus PRX, +3.92%, 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 TMUBMUSD10Y, 1.779%, the German bund TMBMKDE-10Y, -0.019% of similar maturity is on the verge of turning positive.

Nokia NOKIA, +0.09% 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 SX7P, +0.12% and automakers SXAP, -0.27% were flat following a year of outperformance.

The broader Stoxx Europe 600 SXXP, +0.74% added 0.9%

The German DAX DAX, +1.00% and French CAC 40 PX1, +0.88% each rose more than 1%, while the financials and energy dominated FTSE 100 UKX, +0.49% added 0.6%.

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