European shares flat as health stocks’ gain offset luxury, tech drag


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Dec 23 (Reuters) – European shares had been flat on Friday, with the weak spot in some luxurious corporations and tech shares offset by positive factors in healthcare firms.

The region-wide STOXX 600 was off 0.03% at 0810 GMT, however is on tempo for a 0.6% advance within the final week earlier than Christmas after two straight weeks of losses.

The index closed down 1% on Thursday after U.S. knowledge exhibiting a good labour market and financial resilience fuelled issues that the Federal Reserve would wish to maintain climbing rates of interest aggressively for longer.

Amongst STOXX 600 sectors, miners rose 0.4% to guide positive factors on the day.

However the greatest enhance to the STOXX 600 got here from healthcare corporations, which rose 0.3%, helped by a 4.9% soar in Bavarian Nordic after the vaccine maker signed a contract with the U.S. Division of Protection.

Some China-focused luxurious corporations equivalent to LVMH and Kering had been a drag on the primary index on information that China is anticipating a peak in COVID-19 infections inside per week.

The tech sector fell 0.3%, slowed down by losses in chip shares equivalent to Aixtron and ASML Holding . (Reporting by Amruta Khandekar; Enhancing by Savio D’Souza)


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