European markets post losing streak and close higher as stocks rise on bargain hunting

(RTTNews) – European stocks closed higher on Tuesday, rebounding from a turbulent multi-ticket bargain hunt after markets suffered four straight days of losses amid fears of a recession and aggressive tightening. US Federal Reserve policy.

Yields on long-term government bonds eased, contributing somewhat to the market rally. Data showing an improvement in German economic sentiment also helped.

The pan-European Stoxx 600 index climbed 0.68%. Britain’s FTSE 100 gained 0.37%, Germany’s DAX jumped 1.15% and France’s CAC 40 rose 0.51%, while Switzerland’s SMI gained 0.85%.

Among other European markets, Austria, Belgium, Denmark, Finland, the Netherlands, Portugal, Sweden and Turkey closed with strong gains.

Greece, Iceland, Ireland and Norway finished slightly higher. The Czech Republic and Poland closed weakly, while Spain finished flat.

In the UK market, Melrose Industries, Phoenix Group Holdings, Hargreaves Lansdown, Flutter Entertainment, Schrodders, Barratt Developments, Hikma Pharmaceuticals, Next, Persimmon, Segro and Smurfit Kappa Holdings gained 2-4%.

Aveva Group, Berkeley Group Holdings, Smith (DS), ABRDN and Standard Chartered also rose strongly.

IAG lost 3.47%. Airtel Africa lost around 2.7%, while Informa, Endeavor Mining, Avast, Auto Trader Group, Barclays, Whitbread, Rentokil Initial and Smith & Nephew were down 1-2.3%.

In the German market, Bayer rebounded more than 5% after reporting higher-than-expected earnings last quarter. Henkel, Brenntag, Deutsche Post, Siemens, Zalando, BASF, Siemens Healthineers, Covestro, Continental and Daimler gained 2-3.5%.

Deutsche Bank, Allianz, Merck, Munich RE, Fresenius Medical Care and Symrise also finished with strong gains.

MTU Aero Engines, Fresenius, HelloFresh, RWE and Qiagen ended sharply lower.

On the French market, Faurecia grew by 3.3%. BNP Paribas, Unibail Rodamco, Legrand, Valeo, Schneider Electric, Veolia, Michelin, L’Oréal, Pernod Ricard and LVMH gain 1 to 2.3%.

Airbus Group gained more than 1% after the aircraft manufacturer said it received 98 new orders and delivered 48 planes in April.

Essilor fell nearly 5%. Danone, WorldLine, Air France-KLM and Thales ended down 1 to 2%.

Shares of Swedish tobacco multinational Swedish Match soared 25%. Shares rallied after the company confirmed a takeover approach from its biggest US rival Philip Morris.

In economic news, Germany’s economic confidence improved in May but remained at a very low level as the economy is expected to continue to deteriorate in the near term in the face of the war in Ukraine and restrictions on foreigners. coronavirus in China, according to the results of a survey by the ZEW – Leibniz Center for European Economic Research showed on Tuesday.

The ZEW Economic Sentiment Indicator unexpectedly rose to -34.3 in May from -41.0 in April. The reading was expected to fall to -42.0.

At the same time, the current situation indicator fell by 5.7 points -36.5 in May. This is the third consecutive drop since the start of the war in Ukraine. The expected reading was -35.0.

UK retail sales fell in April as consumers cut spending amid rising costs of living, data compiled by the British Retail Consortium and consultancy firm KPMG showed on Tuesday. .

Total sales fell 0.3% in April from a year ago, the first decline since January 2021. At the same time, like-for-like sales fell 1.7% annually.

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