Tech stocks stand tall in Europe after strong FANG, Nokia earnings

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European stocks rose on Friday, with technology shares leading the way after bumper earnings from Wall Street's big tech names and Nokia eased nerves about global growth amid surging coronavirus cases.

The top gainer on the STOXX 600 was Finnish telecom network equipment maker Nokia , which surged 13.8% after reporting an unexpected rise in underlying profit as it reduced low-margin business.

“We had blockbuster numbers from Apple and Amazon, and updates from Facebook and Alphabet were solid as well. That’s lending some positivity to the markets,” said Connor Campbell, a financial analyst at SpreadEx. A resurgence in COVID-19 cases in Europe weighed on the mood as Britain imposed a tougher lockdown in swathes of northern England after a rise in the rate of coronavirus transmission.

 

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