European Shares Off Day’s Highs As Yields Rise

European stocks advanced on Tuesday following another session of solid gains on Wall Street overnight and data showing acceleration in Eurozone factory activity growth in January.

Eurozone PMI Manufacturing was finalized at 58.7 in January, up from December’s 58.0.

Separate data showed German retail sales fell by real 5.5 percent on a monthly basis in December, reversing a 0.8 percent rise in November.

Regional markets gave up some early gains as Treasury yields inched higher ahead of U.S. job opening data.

The pan European Stoxx 600 was up 0.8 percent at 473 after gaining 0.7 percent on Monday.

The German DAX rose 0.6 percent, France’s CAC 40 index added 0.7 percent and the U.K.’s FTSE 100 was up 0.6 percent.

UBS shares soared 6 percent as the Swiss bank announced more ambitious profitability goals and a continued plan to pare back costs.

ING, Commerzbank, Barclays and Lloyds Banking Group all rose over 1 percent as yields rose amid expectations of interest rate increases.

Sweden’s telecom company Tele2 AB fell 2.5 percent despite reporting a forecast-beating fourth-quarter net profit and increasing dividend.

Automaker Stellantis advanced 1.7 percent after reports it could cut up to 1,400 jobs in France this year.

Stronger copper and gold prices helped lift miners, with Anglo American and Glencore rising over 2 percent each.

Oxford Biomedica advanced 1.5 percent. The gene and cell therapy company said that Sio Gene Therapies has informed that it intends to return the global rights for AXO-Lenti-PD, a gene therapy, and cease its ongoing work on Parkinson’s disease using the therapy.

Cineworld lost about 2 percent after saying it has started discussions with dissenting shareholders of Regal Entertainment Group over a potential rescheduling of the cinema operator’s payment obligations.

EssilorLuxottica jumped 2.5 percent in Paris. The maker of ophthalmic lenses, frames, and sunglasses has announced a share repurchase of up to 1.5 million shares, during the period from February 1 to March 31, for a price not exceeding 200 euros per share.

Siltronic AG shares allied 2.4 percent. The German manufacturer of wafers made of hyperpure silicon said the conditions for the completion of the tender offer by GlobalWafers GmbH have not been fulfilled. The tender offer will not be closed, but has expired.

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