European shares rebound after three days of losses

European shares ticked higher on Tuesday, as investors returned to tech stocks after a seven-day sell-off fuelled by concerns about rising rates, while upbeat earnings from companies like HelloFresh and Delivery Hero also aided the mood. The pan-European STOXX 600 advanced 0.9%, as of 0826 GMT, after a late-session recovery on Wall Street supported Asian equities.


Reuters | Updated: 11-01-2022 14:12 IST | Created: 11-01-2022 14:08 IST
European shares rebound after three days of losses
Representative Image Image Credit: Pixabay

European shares ticked higher on Tuesday, as investors returned to tech stocks after a seven-day sell-off fuelled by concerns about rising rates, while upbeat earnings from companies like HelloFresh and Delivery Hero also aided the mood.

The pan-European STOXX 600 advanced 0.9%, as of 0826 GMT, after a late-session recovery on Wall Street supported Asian equities. European tech stocks advanced 2.1% after tumbling 3.6% to a near three-month low in the previous session.

Germany's Delivery Hero SE jumped 6.6% after saying it expects its food delivery business to break even during the second half of 2022 as demand has soared since the pandemic began. HelloFresh leapt 4.9% after the German meal-kit delivery firm announced a share buyback programme of up to 250 million euros.

Construction chemicals maker Sika AG climbed 3.7% after reporting a 17.3% rise in 2021 sales, boosted by a raft of acquisitions and the upturn in the building industry after pandemic closures the year before. Deutsche Bank slipped 1.8% after U.S. financial investor Cerberus, which has favoured a merger of the bank and Commerzbank, divested a large chunk of its holdings in the two top German lenders.

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

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