European stocks gain on U.S. debt limit progress and Asian tech recovery – MarketWatch

Posted: October 7, 2021 at 3:38 pm

European stocks rose in early action on Thursday, getting a boost after a leading Republican offered a way to temporarily get past a looming deadline for the U.S. debt ceiling to be raised.

Senate Minority Leader Mitch McConnell said his party would not filibuster a short-term debt-limit extension, an offer several Democrats said they would take. The process is still likely to result in another showdown in December, but for now, it doesnt look like the worlds largest economy will default on its obligations.

The Stoxx Europe 600 SXXP, +1.60% rose1.2% to 456.55.

Gainers included Spanish utility Iberdrola IBE, +7.00%. , technology investor Prosus PRX, +6.97% and luxury-goods producer Kering KER, +3.24%. Prosus was buoyed by the rally in Tencent 700, +5.60%, the Chinese tech giant in which holds a stake. The Hang Seng HSI, +3.07% surged nearly 3%.

Of the major regional indexes, the German DAX DAX, +1.85% surged 1.2%, the French CAC 40 PX1, +1.65% surged 1.4% and the U.K. FTSE 100 UKX, +1.17% increased 1%.

Remote connectivity software maker TeamViewer TMV, -7.03% shares slumped 9% after cutting its earnings guidance, due to a smaller-than-forecast contribution from large enterprise companies.

Ubisoft Entertainment UBI, -6.22% shares dropped 8% after initial disappointing reviews of its Far Cry 6 game. The Washington Post called it a glitchfest too big to wrangle.

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European stocks gain on U.S. debt limit progress and Asian tech recovery - MarketWatch

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