Technology shares help push Europe higher following global selloff last week

On Tuesday technology companies helped drive a bounce in European stocks as a global selloff that started in the sector last week showed signs of abating. The pound advanced as Theresa May survived a showdown with rank-and-file lawmakers and sought to prop up her minority government.

Almost every industry group in the Stoxx Europe 100 Index traded in the green, with technology shares poised for the largest gain in more than a month. Sterling headed for the first increase since the election that’s left U.K. Prime Minister May battling to shore up her position. She’ll meet Northern Ireland’s Democratic Unionists today, seeking the votes she needs to be able to pass any legislation. Treasuries were little changed as this week’s Federal Reserve policy decision looms into view.

Should the rebound in tech shares carry through into U.S. trading investors will likely breathe a sigh of relief; the sector has been a key driver of global equity gains and a prolonged selloff would have represented a major threat to the ongoing bull market.

Samsung Electronics Co. was little changed after leading declines in Asia during Monday’s rout. Tencent Holdings Ltd., which tumbled 2.5 percent in the previous session, and Taiwan Semiconductor Manufacturing Co., which dropped the most since December, both advanced.

The Stoxx Europe 600 Index climbed 0.6 percent as of 11:17 a.m. in London, after dropping 1 percent on Monday. Tech shares rose 1.3 percent. Futures on the S&P 500 Index rose 0.2 percent. The Nasdaq 100 fell 0.6 percent on Monday, adding to its 2.4 percent rout on Friday. Apple fell 2.4 percent while Microsoft Corp. slid 0.8 percent.

West Texas crude futures rose 0.3 percent to $46.20, gaining for a third day before U.S. government data forecast to show crude stockpiles resuming declines. Gold slipped 0.3 percent to $1,262.38, its fifth day declining and the longest losing streak in a month as investors anticipate a Fed rate hike.