European shares extend rebound as chemical, commodity stocks gain

Miners rebounded 1.6% after touching December 2021 lows in the previous session, while oil & gas stocks rose 1.2% as crude prices rose almost 1% on tight supplies of crude and fuel products. Boosting chemical stocks, French industrial gas company Air Liquide climbed 2.8% after striking its largest power purchase deal with Swedish utility Vattenfall.

European stock markets extended a rebound on Tuesday, aided by gains in chemical, mining, and oil stocks as dip buyers emerged after a bruising sell-off last week on recession fears.

The pan-European STOXX 600 index rose 0.8%, stretching gains to a third session after hitting a more than one-year low last week. Miners rebounded 1.6% after touching December 2021 lows in the previous session, while oil & gas stocks rose 1.2% as crude prices rose almost 1% on tight supplies of crude and fuel products.

Boosting chemical stocks, French industrial gas company Air Liquide climbed 2.8% after striking its largest power purchase deal with Swedish utility Vattenfall. French planemaker Airbus rose 2.0% after British airline EasyJet said it would buy 56 Airbus A320neo aircraft.

Ocado dropped 4.5% after the British online supermarket and technology group said it would boost its liquidity by over $1 billion to fund its growth.