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European shares rise as technology gains

Frankfurt - European shares rose for a second day, erasing earlier declines, as gains in technology companies outweighed sliding miners and energy companies.

Apple suppliers AMS AG and Dialog Semiconductor jumped at least 4.9%, leading a gauge of technology stocks to the biggest gain on the Stoxx Europe 600 Index, after Taiwan’s Economic Daily News  reported that the iPhone maker has asked suppliers to prepare production for a new version of its smartphones.

Miners posted the biggest decline on the equity benchmark as metals tumbled. Energy companies dropped as crude fell for a fourth day.  

The Stoxx 600 added 0.4% to 339.33 at 10:31 after falling as much as 0.8%. Shares climbed the most in a month on Friday as investors shrugged off concerns that a Federal Reserve interest rate increase as early as June will derail the US economic recovery.

A European stock rally from a February low had stumbled since reaching a three-month high in April amid concerns about global-growth prospects, mixed earnings reports and the efficacy of central bank policies. Even after last week’s advance, the index is still down 3.3% from its recent peak.

Among other stocks moving on corporate news, Aixtron SE jumped 16% after the German supplier of semiconductor equipment said it has agreed to a €670m takeover bid from a group of Chinese investors.

Bayer lost 2.7% after disclosing an unsolicited $62bn all-cash offer to acquire Monsanto amid investor concern that it might overpay for a deal that would create the world’s biggest supplier of farm chemicals and genetically-modified seeds.

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