Hard-hit tech stocks to lead recovery

Between the start of this year and the end of August, the European equity market lost almost a fifth of its value, as measured by the MSCI Europe ex-UK Index. This represents the largest eight-month fall in more than a decade and a significant proportion of this decline has been accounted for by the technology, media and telecoms (TMT) sector ' which has lost about 45% of its value over the same period. The synchronous global economic downturn has resulted in a sharp fall in export demand, ending the boom in corporate investment that was partly fuelled by capital expenditure on ...