Title: European stocks bounce as earnings lend support
Apr 26, 2022 03:30AM ET
European stocks breathed a sigh of relief Tuesday as earnings from companies such as UBS and Maersk lifted sentiment after the previous session's sell-off in equities triggered by global growth fears.
The continent-wide STOXX 600 rose 0.6% after plunging nearly 2% on Monday on worries about a slowdown in China and rapid interest rate hikes in the United States.
Mining and oil stocks were among the biggest gainers after slumping on Monday. Nearly all subsectors and regional markets were up.
Chinese stocks rebounded from two-year lows on hopes of further easing measures to reduce the impact of the COVID-19 outbreak, while Wall Street gained and the Nasdaq closed sharply higher.
UBS rose 0.2% after reporting its best first-quarter net profit in 15 years.
Shipping group Maersk rose 5.8% after raising its full-year outlook after reporting a first-quarter operating profit above previous expectations on high container freight rates.
HSBC fell 1.9% after Europe's biggest bank warned that further share buybacks were unlikely this year due to rising inflation and economic weakness, even as first-quarter profit fell less than expected.