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European Stocks Hold Steady as Tech Selloff Fades

By Investors Hub

European stocks held largely steady on Tuesday as a technology selloff faded and investors welcomed a preliminary deal on a transitional agreement that will lead to the orderly withdrawal of the U.K. Traders also looked ahead to the Fed and BoE meetings due this week for further direction.

The pan-European Stoxx Europe 600 index was up 0.15 percent at 374.26 in late opening deals after declining 1.1 percent in the previous session.

Fenner soared 25 percent in London after French tyre maker Michelin agreed to buy the British engineering company for 1.2 billion pounds ($1.7 billion).

Rio Tinto rose about 1 percent. The mining giant has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and the Valeria coal development project in Queensland, Australia, for $1.7 billion.

French food company Danone rose half a percent after launching its first 300 million euros ($370 million) social bond to finance and refinance projects.

Ocado Group fell 1.5 percent. The British online grocer said that its sales during the final week of the first quarter were impacted by the winter storms that caused widespread disruption.

Wood Group dropped over 1 percent on posting a FY loss.

Publicis Groupe shares fell 1.5 percent, reversing earlier gains. The advertising giant said it aims to deliver an accelerated 5-10 percent headline earnings per share growth per annum over the next 3 years, at constant currencies.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.