Tech Sector Drives European Stock Market Gains Amid Ongoing Bond Yield Concerns
The European stock markets opened the week's first trading session in positive territory, driven by strong performances from the tech sector. This is despite ongoing concerns about high government bond yields and rising inflation.
The yield on the 10-year US Treasury remains close to 5% at 4.97%, while the Bund of the same maturity stands at 3.53% and the BTP yield is around 4.44%. Energy prices continue to soar, but oil prices have eased slightly with Brent crude trading below $102 a barrel.
In Milan, the tech sector and banks are leading gains on the stock exchange, with Stmicroelectronics among the top performers. The French bank Societe Generale's figures released on Monday also boosted confidence in the banking sector. Banco Bpm saw significant gains as well, reportedly driven by rumors of a potential joint bid for Piazza Meda from Unicredit and Credit Agricole.