European equities rose nearly 1% on Tuesday as investors bought weakened stocks after a sharp sell-off in the previous session on concerns over aggressive U.S. interest rate hikes and a possible recession.
The mainland’s STOXX 600 index was up 0.9% by 0705 GMT, after falling 2.4% to a three-month low on Monday.
Open gains were broad based, with battered banks, travel & leisure and technology stocks all appreciating 1.1%-1.8%.
Wall Street’s main stock index confirmed on Monday that it is in a bear market on growing fears that aggressive interest rate hikes planned by the US Federal Reserve will push the economy into recession. [.N]
Among individual stocks, German enterprise software group SAP gained 1.5% after US-based Oracle Corp reported upbeat quarterly results, helped by rising demand for its cloud products.
Atos tumbled 5.8% after the French IT company said its CEO, Rodolphe Belmer, who started work in January, will resign after weeks of news of deep divisions with the board of strategy management.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.