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.

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