European Stocks Rise Driven by Technology Sector

European stocks scaled to their highest levels in more than a week on Tuesday, driven by the technology sector. The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.6%, boosted by a nearly 2% jump in technology stocks. The tech sector added 1.8%, lifted by SAP's 4.6 % rise after the German company reported a 24% jump in first-quarter cloud revenue at 3.93 billion euros ($4.19 billion), buoyed by demand for its enterprise resource planning software. Helping the sector's rise was a 4.6% gain in Novartis as the Swiss drugmaker raised its full-year outlook after reporting first-quarter results that surpassed expectations. On the flip side, Randstad, the world's biggest employment agency, reported disappointing quarterly core earnings, sending shares of the Dutch firm down 6.7%, among top decliners on the STOXX. Elsewhere, UK's exporter-focused FTSE 100 climbed 0.6% after notching an all-time intraday high of 8,071.96 points. Source: Qatar News Agency