Communications services companies rose as rate-cut bets spurred a rotation into high-risk sectors.

The SPDR Select Sector Communications Services exchange-traded fund, which tracks the communications-services industry group of the S&P 500, is up roughly 17% for the year to date.

German state-owned KfW sold 110 million of its shares in Deutsche Telekom for $2.72 billion to free up funds for purchase of a stake in railroad Deutsche Bahn.

European firms KPN and ABP struck a joint-venture deal to launch a new cell-phone tower company.

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(END) Dow Jones Newswires

06-05-24 1721ET