European Stocks Mixed; Tech Stocks Weaken as Tesco Outperforms By Investing.com – Investing.com

European Stocks Mixed; Tech Stocks Weaken as Tesco Outperforms By Investing.com – Investing.com

© Reuters.

By Peter Nurse 

Investing.com - European stock markets traded in subdued fashion Wednesday, helped by continued recovery confidence but with higher U.S. Treasury yields weighing on the tech sector. 

At 3:55 AM ET (0855 GMT), the in Germany traded 0.2% higher, while the in France and the U.K.’s were largely flat. 

European indexes have started the new year on the front foot, with the pan-European index climbing to an all-time high as hopes for an early end to the pandemic bring cyclical and value stocks back into vogue.

However, benchmark touched a six-week high on Tuesday, five-year rates hit a pandemic-era high, and two-year note yields hit their highest since March 2020 on Monday. That's weighing on tech companies, particularly those whose payoff is further out into the future.  For example, Dutch-listed Prosus (OTC:) stock fell 3.3%. 

On the data calendar, unexpectedly rose in December to reach its highest level since September, while the final for the Eurozone was revised down slightly to 53.3 in December, from an initial estimate of 53.4.

Elsewhere, Tesco (OTC:) stock rose 0.3% after data from market researcher Kantar showed Britain's biggest supermarket group outperformed its