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

By Steve Goldstein

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 doesn't look like the world's largest economy will default on its obligations.

The Stoxx Europe 600 rose1.2% to 456.55.

Gainers included Spanish utility Iberdrola ., technology investor Prosus and luxury-goods producer Kering . Prosus was buoyed by the rally in Tencent , the Chinese tech giant in which holds a stake. The Hang Seng surged nearly 3%.

Of the major regional indexes, the German DAX surged 1.2%, the French CAC 40 surged 1.4% and the U.K. FTSE 100 increased 1%.

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

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

-Steve Goldstein

 

(END) Dow Jones Newswires

10-07-21 0931ET

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