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European stocks inch up as tech gains offset losses in Ericsson By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The graph of the German share price index DAX is pictured at Frankfurt Stock Exchange, Germany on October 8, 2021. REUTERS/Staff

(Reuters] European shares increased on Tuesday due to technology shares rising. These gains mirror overnight gains at Wall Street and offset losses in Sweden’s Ericsson (BS) and Healthcare companies.

By 0708 GMT, the pan-European index rose 0.1% and technology stocks increased 0.7%.

Telecom equipment maker Ericsson fell 3% as a hit from global supply chain problems overshadowed stronger-than-expected third-quarter core earnings, while French food group Danone slipped 1.3% after recording rising costs and slower sales growth in the third quarter.

Tele2 Sweden, a Swedish telecoms company, was down 2.3% following quarterly core earnings which were in line with market expectations.

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