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European stocks rise supported by the energy and technology sectors

European stocks rise supported by the energy and technology sectors

The index increased 1.1 percent to 507.02 points, but remained near the lowest level in three months after falling in the previous two sessions.

All of the region’s stock exchanges also rose between 0.5 percent and 1.4 percent.

ASML shares gained 6.9 percent after Europe’s largest technology company said it expects sales to grow by between eight and 14 percent over the next five years, which led to a 3.1 percent rise in the technology sub-sector index.

Communications sector shares increased 1.8 percent, and energy sector shares rose 1.7 percent.

A stock went up Deutsche Telekom 3.3 percent after the largest telecommunications group in Europe in terms of market value raised its expectations for basic profits for the full year and achieved basic profits for the third quarter that slightly exceeded expectations.

On the macroeconomic front, the euro zone’s gross domestic product rose 0.4 percent in the third quarter, in line with a Reuters poll on expectations, and the region’s employment rate grew more than expected in the third quarter and rose 0.2 percent.

Siemens shares rose 4.9 percent after the German engineering company announced better-than-expected profits.

British Burberry shares rose 18.7 percent after the luxury retail company announced a well-received transformation plan after incurring losses in the first half of its financial year.

Allegro shares fell 11.3 percent after Poland’s largest e-commerce platform said it expects profits to decline in the fourth quarter.



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