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(Bloomberg) — European shares advanced as investors looked for alternatives to expensive tech shares in sectors that had been neglected by the market in recent months.
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The Stoxx Europe 600 Index was 1.4% higher as of 4:50 p.m. in London, hitting a fresh record. The healthcare, personal care as well as food and beverage sectors were among the top gainers in the benchmark. The technology sector led declines, tracking declines in US peers.
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Investors also snapped up European defense stocks, which have been laggards in recent months. A Goldman Sachs Group Inc. basket of the military shares rallied 6.4%, even as tankmaker KNDS postponed its IPO.
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The index extended gains after US jobs report came in weaker than expected, tempering expectations of interest rate hikes.
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“There is room for the rally to broaden as investors look beyond AI-led leaders toward areas supported by structural growth, policy support, and a brighter cyclical outlook,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
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Among individual movers, Sodexo SA gained 7.4% after the food services company reported third-quarter results ahead of expectations and boosted its forecast for the year.
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One technology stock to buck the selloff was AMS-Osram AG, which jumped 13% after the Austrian semiconductor manufacturer hired Nvidia’s Ashkan Seyedi as part of a push into digital photonics.
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The DAX index rose 2.2% after the German government agreed on €10 billion ($11.4 billion) in annual tax relief and a range of measures to bolster the country’s labor market.
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—With assistance from Michael Msika.
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English (US)