European stocks rise, supported by Tech

European stocks rose on Monday, supported by technology and real estate companies, as expectations that the euro zone will witness a slight recession erased the impact of the hawkish statements of European Central officials that pushed the euro to its highest level in nine months.

The pan-European Stoxx 600 index rose 0.4 percent, after recording on Friday its first weekly decline this year. Technology stocks jumped 1.4%, tracking their US counterparts, which saw gains on Friday after the release of positive business results from streaming giant Netflix.

The euro also recorded a jump after Clas Knut, a member of the European Central Bank’s Governing Council, said on Sunday that the central bank will raise interest rates by 50 basis points in February and March and will continue to raise them in the following months as well.

Investors are looking for more indications of the central bank’s monetary tightening plans when its chairperson, Christine Lagarde, speaks later on Monday.

German flavor and fragrance maker Symrise fell 7.1% after it reported a lower-than-expected EBITDA margin for 2022, as well as a decline in the value of Swedenker.

Shares in French alcoholic beverages company Remy Cointreau rose 3 percent after Citigroup upgraded the company’s stock to “buy”.