3 months ago
Stock Market

MarketPulse Europe: Tech Sector Rallies Amid Trade Deal Hopes

Investing.com - The European technology sector rallied in midday trade on Wednesday, as hopes of a potential breakthrough in the

Investing.com - The European technology sector rallied in midday trade on Wednesday, as hopes of a potential breakthrough in the U.S.-China trade dispute boosted sentiment.

The pan-European STOXX Europe 600 Technology Index was up 1% by 6:45AM ET (1145GMT).

Market sentiment improved after National Economic Council Director Larry Kudlow said the White House was having "a lot of communication with the Chinese government at all levels" ahead of the G20 summit in Argentina at the end of the week.

Kudlow further brightened the mood by confirming a dinner meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 gathering on Saturday. He also held open the possibility that the two countries would reach a trade deal.

Shares of Austrian chipmaker Ams AG (SIX:AMS) surged to the top of the European benchmark on the news, up more than 4%.

Other chipmakers and software names were also higher. ASML Holding (AS:ASML) NV tacked on 1.5%, while SAP SE (DE:SAPG) rose around 0.5%.

Apple (NASDAQ:AAPL) suppliers were on the front foot, with shares of Dialog (DE:DLGS) gaining 3.3% in Frankfurt, while ASM International NV (AS:ASMI) and STMicroelectronics NV (PA:STM) both rose by about 1%.