European shares flat as focus turns to Sino-US trade deal

Reuters January 13 | Updated on January 13, 2020 Published on January 13, 2020

European shares started Monday on a subdued note as markets awaited the signing of a Sino-US trade deal later in the week, while technology stocks rose on a clutch of brokerage upgrades and price-target bumps.

The benchmark European STOXX 600 index hit another record last week after the easing of US-Iran tensions.

The index was up 0.02 per cent by 0810 GMT, with markets in Germany, the region's biggest economy, rising about 0.2 per cent as investors were cautious ahead of a “phase-one” trade deal, expected to be signed in Washington later this week.

Technology stocks were the best performers on the DAX, with software services provider SAP SE, the biggest stock on the index, rising about 0.2 per cent after Citigroup raised its price target.

Technology conglomerate Siemens AG rose 0.3 per cent after Goldman Sachs resumed coverage of the stock with a “buy” rating.

The European technology index rose about 0.4 per cent, with British security software maker Avast PLC leading gains after a JP Morgan upgrade.

Published on January 13, 2020
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