European tech stocks rise after tariffs exemption

Shares in European tech companies rise after U.S. President Donald Trump exempted smartphones and computers from his "reciprocal" tariffs

"While waiting for clarification on the timing, levels and scope of the new measures, we believe that the removal of the worst case scenario (e.g. blocking supplies as a result of 100%+ tariffs from China) is an element of support (at least temporary) for the sector," Equita analysts say in a note

A broader index of Europe's tech firms .SX8P is up 2% at 0744 GMT, with chipmaker Infineon IFXGn.DE and computer parts maker Logitech LOGN.S leading gains, up 3% and 6% respectively

Computer chip equipment maker ASM International ASMI.AS gains 2%

However, Trump said on Sunday that tariffs on semiconductors would be announced over the next week and a decision on phones would be made "soon"

.SX8P has fallen 9% so far this year