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Tech Up On Growth Hopes -- Tech Roundup

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10/21/2019 | 05:05pm EST

The technology sector rose on expectations of global economic growth.

"CEO confidence plunged to the lowest level since the global financial crisis" this year, said strategists at brokerage Goldman Sachs, in a note to clients. That likely weighed on business spending -- a key determinant of technology sales -- said the Goldman strategists, a trend that could continue.

"The combination of an ongoing trade conflict and next year's U.S. presidential election will likely result in lingering uncertainty," said the Goldman strategists. "Recent news reports have alluded to the possibility of a rapprochement between the world's two largest economies, but our economists do not expect a substantive trade deal that significantly reduces tariffs before the 2020 U.S. presidential election."

German business-software maker SAP unveiled a new partnership with competitor Microsoft and said that the alliance had already helped drive cloud services sales in the latest quarter, just over a week after a leadership change.

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP INC. -0.24% 219.03 Delayed Quote.31.54%
MICROSOFT CORPORATION 0.07% 150.42 Delayed Quote.48.02%
SAP AG 0.29% 122.44 Delayed Quote.40.41%
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