European Stocks Steady as Salesforce.com Helps Boost Techs
(Bloomberg) -- European shares stabilized after initial gains, amid caution ahead of the G-20 meeting. Brexit is also high on the agenda, with the finishing line for the U.K. parliamentary vote nearing. Prime Minister Theresa May is said to have backed down in a key battle on the matter, clearing the way for lawmakers to vote on potential changes to her motion.
The Stoxx Europe 600 Index rose 0.1 percent at 11:15 a.m. CET, with technology leading the way, gaining 1 percent. U.S. cloud software firm Salesforce.com surprised with its revenue forecast that came in ahead of expectations, helping its European peers higher. On the other end of the scale, autos were the worst performers, -0.9 percent, with Continental AG and Faurecia SA leading declines.
“Politics pretty much overshadow everything,” Mattias Sundling, senior strategist at Danske Markets Sweden, said by phone. “It’s the trade talks, it’s Brexit, it’s Italy and it’s the Fed. A signal from any of them has a tendency to dominate the day.” Sundling added that he can’t single out “any particular number” that would weigh heavily on Europe today.
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