Published On: Tue, Oct 19th, 2021
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European Stocks Inch Up as Tech, Mining Shares Offset Losses in Ericssonon October 19, 2021 at 10:41 am

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Europe’s main stock index edged higher on Tuesday as gains in mining and technology shares helped offset losses in Sweden’s Ericsson, which reported a hit from global supply chain problems. The pan-European STOXX 600 rose 0.2 percent, with miners, utilities, and technology stocks leading morning gains. Technology shares were also behind a rise in main Asian indexes, as they mirrored an overnight rally in their peers on Wall Street. “European markets are still taking the lead from offshore markets,” said Thomas Mathews, markets economist at Capital Economics. “With rates starting to rise and inflation picking up, the days of big, sustained rallies in the market are over, but we can expect to see European equities grinding higher for a while.” Capping overall gains in the market, telecom equipment maker Ericsson fell 3.3 percent following its quarterly results, while French food group Danone slipped 0.8 percent after recording rising costs and …

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