off-the-wire

Tech stocks lift European shares on Fed relief

Kitco Media
By Reuters
Published:
Updated:
Reuters
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) March 3 (Reuters) - European shares opened higher on Friday, underpinned by rate-sensitive technology stocks after comments from a U.S. Federal Reserve official about a potential pause in monetary tightening prompted investors to take on risky assets. The continent-wide STOXX 600 rose 0.5% in early trading, with tech stocks up 1.3%.


Investor sentiment got a lift overnight after Atlanta Fed President Raphael Bostic favoured a "slow and steady" rate hike moving forward and a pause by mid- or late-summer. Miners rose 1.3% as the prospects of China's reopening shoring up demand were a theme that played out for much of the week after the country reported data that pointed to improving economic conditions.


Shares of Lufthansa jumped 4.4% after the German airliner swung to a "clearly positive result" in 2022, boosted by a strong increase in demand for air travel.



(Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips)

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