Europe Defensive Stocks Rise; China Tech Retreats: Markets Wrap

Europe Defensive Stocks Rise; China Tech Retreats: Markets Wrap

Defensive shares including health care stocks advanced in Europe, helping prolong a global rally in equities, while a tech selloff in China deepened following Beijing’s crackdown on Internet and fintech firms. Crude oil advanced for a third day.

The Stoxx Europe 600 Index climbed to its highest level since late February as defensives including utilities and real estate also rallied. Equity gauges in Japan, Korea and Australia rose more than 1.3% despite the downdraft in Asian tech.

In the U.S. the tech picture was more positive, with Nasdaq 100 futures rebounding as much as 1.2%. Contracts rose less on the S&P 500, whose underlying benchmark pulled back from a two-month closing high Tuesday. As the risk-on sentiment endured, a gauge of the dollar steadied at close to a two-and-a-half-year low.