European shares retreat as rising bond yields weigh

  • Reuters
  • Stock Market News
European shares retreat as rising bond yields weigh
Credit: © Reuters.

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March 12 (Reuters) - Rising bond yields dragged European stocks lower on Friday, but major bourses were set for strong weekly gains as stimulus and vaccination programmes spurred hopes of a solid economic recovery.

The pan-European STOXX 600 .STOXX fell 0.4% in early trading, after a four-session winning streak drove the index to pre-pandemic highs a day earlier.

With the 10-year U.S. Treasury yield US10YT=RR back above 1.6%, investors booked some profits, especially in the tech sector .SX8P , which was down 1.4%.

Dutch company Prosus (JO: PRXJn ) PRX.AS , which holds a third of Chinese tech giant Tencent Holdings 0700.HK , dropped 4.8% as the Chinese market regulator fined 12 companies including Tencent related to deals that demonstrated illegal monopolistic behaviours. carmaker Daimler DAIGn.DE slipped 2.0% after French rival Renault RENA.PA sold its entire stake in the company at a discount. luxury group Burberry BRBY.L jumped 7.2% to the top of STOXX 600 after saying it had seen a strong rebound in sales since December.

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