Earnings steady European shares after Monday's rout

European shares steadied on Tuesday following their worst sell-off since June 2020, catching up with a late recovery on Wall Street, while upbeat earnings from companies such as Ericsson and Logitech provided some cheer. Fears about aggressive monetary policy tightening moves by the U.S. Federal Reserve and the potential for military conflict in Ukraine saw a wild session on Wall Street on Monday, with the main indexes breaching key levels at the open and closing higher.

European shares steadied on Tuesday following their worst sell-off since June 2020, catching up with a late recovery on Wall Street, while upbeat earnings from companies such as Ericsson and Logitech provided some cheer.

Fears about aggressive monetary policy tightening moves by the U.S. Federal Reserve and the potential for military conflict in Ukraine saw a wild session on Wall Street on Monday, with the main indexes breaching key levels at the open and closing higher. U.S. futures and Asian stocks fell again on Tuesday, although the top European stock index gained 0.9% by 0805 GMT after shedding 3.8% in the previous session.

Computer peripherals-maker Logitech International jumped 8.3% after raising its earnings forecast for the current fiscal year, while watchmaker Swatch Group climbed 2.7% as it forecast double-digit sales growth in local currencies this year. Ericsson gained 5.8% as it reported fourth-quarter core earnings above market estimates, helped by higher sales of telecoms gear with more countries rolling out 5G networks.

Credit Suisse slipped 0.3% after the scandal-hit lender warned it was likely to report a net loss in the fourth quarter as it flagged fresh legal costs and said business in its trading and wealth management divisions had slowed.

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