November 13, 2018 / 8:49 AM / a month ago

European shares rebound as trade hopes chase tech scares

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LONDON, Nov 13 (Reuters) - European shares rose in early deals on Tuesday as hopes for a de-escalation of the Sino-U.S. tariff war chased the previous session’s fears about a possible downfall of technology stocks after suppliers of Apple cut their forecasts.

The pan-European STOXX 600 gained 0.8 percent by 0834 GMT despite Wall Street’s main indexes sustaining heavy losses on Monday.

Markets in Asia overnight recouped some losses after a report that China’s top trade negotiator was preparing to visit the United States ahead of a meeting between the leaders of the world’s two largest economies.

Europe’s tech sector rose 1.2 percent after falling 3.7 percent during the previous session in New York when the Nasdaq had fallen more than two percent.

The telecom sector was the main gainer in Europe on Tuesday, hitting its highest level since Aug. 24 and up 1.8 percent, boosted by Vodafone’s pledge to reduce operating costs.

The best performance was posted by medical device development and healthcare service provider BTG, which saw its shares jump 13.6 percent after announcing better-than-expected revenues and a positive outlook. (Julien Ponthus)

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