European and Japanese shares rebound with technology support and bargain hunting

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European shares rose yesterday, as a rebound in hard-hit technology shares and a rise in French beverage maker Remy Cointreau allayed fears of a rise in new coronavirus infections across the continent.

The European Stoxx 600 index rose 0.4%, during trading, recovering from its lowest level in 3 weeks, which it recorded the day before yesterday.

Shares of Remy Cointreau jumped 9.9%, to a record high, after the company raised its full-year profit forecast, after achieving greater-than-expected operating profit in the first half.

Technology shares rose 0.9%, their first gain in 6 days, after rising bond yields undermined the high-growth sector earlier in the week.

The German DAX index rose 0.4%, also recovering from its lowest level in 3 weeks, although data showed weaker-than-expected growth for the German economy in the third quarter, and weak consumer sentiment, ahead of the Christmas shopping season.

Japanese stocks rose, led by technology stocks, as investors hunted for bargains, after heavy losses in the previous session.

The Nikkei index closed up 0.67%, at 29,499.28 points, while the broader Topix index increased 0.33%, to 2025.69 points.

“The declines in the previous session, which had no obvious causes, were larger than expected, and today’s gains are a recovery from that,” said Ikko Mitsui, fund manager at Aizawa Securities.

Shares of “Wall Street” closed yesterday evening, with a rise, before the Thanksgiving holiday in the United States, and the Nasdaq Composite Index was supported by gains in technology shares.

Technology stocks in Japan followed in the footsteps of their counterparts in the Nasdaq index, with the shares of Sony Group for the toy industry rising 1.39%, the share of Shin Etsu Chemical for the manufacture of chips 1.57%, and Tokyo Electron, which produces equipment for the manufacture of chips by 0.6%.

Oil drilling companies were among the best performers in the 33 sub-indices of the Tokyo Stock Exchange, rising 1.85%, as oil prices remained largely stable.

On the other hand, ANA Holdings’ stock fell 5.65%, after the airline raised money by selling convertible bonds.

Recruit Holdings lost 2.26%, and was the worst performer among the top 30 companies in the Topix index, followed by Toyota Motor, which fell 0.59%.

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