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European stocks stabilise after tech-driven rout By Reuters

by Mike Robinson

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© Reuters. The German share price graph DAX was pictured at Frankfurt Stock Exchange, Germany on September 28, 2021. REUTERS/Staff

(Reuters) – European stocks steadied on Wednesday after one of the worst market routs this year, with investors turning to defensive healthcare stocks amid lingering concerns about growth and inflation.

The pan-European index rose 0.8% after shedding 2.2% on Tuesday in their biggest percentage daily decline since mid-July.

The global stock market fell due to widespread fear-off sentiment. Government bond yields rose on rising expectations of higher interest rate increases and diverted investors from high-growth tech stocks.

The European technology sector was under pressure and only 0.5% gained after a loss of 4.8% Tuesday.

ASML Holding (NASDAQ 🙂 NV, a key supplier to chipmakers, fell 1% despite meeting financial goals.

U.S. chipmaker Micron Technology warned that its memory chip shipments would drop overnight as customers who make personal computers are facing shortages of parts.

AstraZeneca, a British pharmaceutical company (NASDAQ:), gained 2.3% following the announcement that its Alexion (NASDAQ;) division would purchase all equity remaining in Caelum Biosciences. This deal could potentially be worth as much as $500 million.

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