European stocks rebound after worst selloff of 2021

Miners led the gains, rising 1.6%, after BHP Group and Anglo American provided upbeat production numbers. Swiss bank UBS gained 4.6% after it posted a 63% jump in second-quarter net profit, helped by a booming wealth management business.


Reuters | Updated: 20-07-2021 12:56 IST | Created: 20-07-2021 12:53 IST
European stocks rebound after worst selloff of 2021
Representative Image Image Credit: Pixabay

European stocks steadied on Tuesday after their worst selloff this year, helped by a handful of positive corporate earnings and production updates from miners.

The pan-European STOXX 600 index rose 1% in early trading after worries about the fast-spreading Delta variant and slowing economic growth knocked 2.3% off the index in the previous session. Miners led the gains, rising 1.6%, after BHP Group and Anglo American provided upbeat production numbers.

Swiss bank UBS gained 4.6% after it posted a 63% jump in second-quarter net profit, helped by a booming wealth management business. Peer Credit Suisse rose 1.8%. Among decliners, Sweden's AB Volvo fell 3.6% as it warned of further production disruptions and stoppages this year due to chip shortages.

Home appliances maker Electrolux tumbled 8.7% after it reported a lower-than-expected second-quarter operating profit and warned global supply chain woes would worsen in the coming months.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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