European stocks rebounded on Tuesday, after having succumbed to heavy selling pressure in the previous session on fears of aggressive Fed tightening and growing concern about Russia’s troop build-up on Ukraine’s border.
Amid expectations of earlier interest-rate hikes, market participants expect clarity in the scheduled FOMC meeting outcome on Wednesday.
In economic releases, Germany’s Ifo business climate index improved to 95.7 from 94.8 in December, reaffirming better business conditions to start the year.
The pan European Stoxx 600 rose 0.6 percent to 459.21 after plummeting 3.8 percent on Monday.
The German DAX gained 0.6 percent, France’s CAC 40 index climbed 0.8 percent and the U.K.’s FTSE 100 was up 0.9 percent, helped by upbeat earnings from companies such as Ericsson and Logitech.
Swiss building material maker LafargeHolcim rose half a percent. The company said it sold its cement business in Northern Ireland to Cookstown Cement Ltd for 70 million Swiss franc, covering a production capacity of 0.45 million tons.
Computer peripherals-maker Logitech International soared 9.6 percent after raising its earnings forecast for the current fiscal year.
Scandal-hit lender Credit Suisse dropped 1 percent after warning that it was likely to make a net loss in the fourth quarter.
Swatch Group fell nearly 1 percent, giving up earlier gains after saying sales of Swiss watches recovered strongly last year from the slump caused by pandemic-related lockdowns.
Swedish telecommunications firm Ericsson jumped 8 percent after reporting fourth-quarter core earnings above expectations.
Capricorn Energy soared 6.6 percent in London. In its update on its operations and trading performance, the oil & gas exploration and development company said it is very encouraged by the initial operating performance of its newly acquired Western Desert Assets in Egypt.
Brewing operation company Marston advanced 1.3 percent after issuing a trading update for the 16-week period to 12 January 2022.
Rémy Cointreau shares fell nearly 2 percent. The French spirts group beat third-quarter sales forecasts and said it targets very strong organic growth in its current operating profit for fiscal 2021-22.
Business News
European Shares Rebound After Brutal Selloff
2022-01-25 09:49:25
