July 9 (Reuters) – European shares rose in choppy trading on Thursday, led by a rebound in technology stocks, while investors mulled the outlook for the conflict in the Middle East after U.S. President Donald Trump said that Iran wanted to “make a deal”.
The pan-European STOXX 600 index rose 0.4% to 638.66 by 0710 GMT, with the technology sector among the top sectoral gainers, up 1.6%.
Chip stocks such as Siltronic jumped 7.4%, while Soitec added 5.5% and ASML rose 2.5%.
The group had taken a breather from its strongest quarterly performance since 2001 it logged in June, and Thursday’s gains suggested investor concerns about elevated valuations are likely to take a back seat temporarily. The sector is the worst performer on the benchmark index so far this month.
Sentiment globally was also buoyed by a report that China could allow domestic AI firms limited access to AI leader Nvidia’s H200 chips, suggesting demand for AI infrastructure could get a further boost.
Meanwhile, crude oil prices, a key resource for energy-deficient Europe, were marginally lower as investors weighed Trump’s latest comments on the war.
The U.S. had launched fresh strikes on Iran after Trump said the deal with Tehran was over on Wednesday, and worries about repercussions on the economy had the STOXX index log its biggest one-day drop since March.
Spanish stocks outperformed the region, up 0.9%, rebounding from Wednesday’s three-week low after Trump said Spain was “very generous” following his order to halt trade with the country over its NATO contribution.
Meanwhile, AstraZeneca slid 8% after the drugmaker’s nerve disease drug Wainua, made in partnership with U.S.-based Ionis, failed to meet the main goal of reducing cardiovascular deaths and recurring heart problems in a late-stage trial.
(Reporting by Tharuniyaa Lakshmi and Johann M Cherian in Bengaluru; Editing by Rashmi Aich)
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