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Europe: Shares steady as rallying techs offset drop in miners
[STOCKHOLM] European stocks were steady on Thursday, as a rally in tech shares following gains on the Nasdaq offset a renewed slump in mining stocks, falling along with metal prices as the dollar bounced back.
The greenback gained after the Federal Reserve signaled that it's ready to raise interest rates again, as long as the economy stays on track. The Stoxx Europe 600 Index gained 0.1 per cent. The Stoxx tech sector index was up 0.6 per cent, while the Stoxx basic resources sector index fell 0.5 per cent, and copper slipped back under US$6,000.
"The summer lull continues," said Martin Guri, head of Nordic strategy at Kepler Cheuvreux, pointing out that Thursday's PMI figures could help give direction to the market. The Stoxx auto sector index fell again, adding to Wednesday's selloff sparked by Continental's lower revenue forecast . Investors are still assessing the "implication of yesterday's warning," Mr Guri said.
Tariff tensions have continued with the US and China imposing new tariffs on each other's goods, amid trade talks aimed at averting the worsening conflict. Fresh duties on US$16 billion of imports from the other nation are set to take effect.