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Europe's STOXX 600 opens higher after three-day selloff; Nexi shines

09/27/2022 | 03:30am EST
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - Europe's STOXX 600 index rose on Tuesday, led by automakers and materials stocks after a three-day selloff triggered by fears over global recession, while Italian payments group Nexi topped the benchmark index on strong business outlook.

The continent-wide index was up 0.4% by 0715 GMT. It lost 4.8% in the last three sessions after downbeat data on economic activity in the region and policy tightening by several global central banks deepened fears of a recession.

All European sector indexes rose, with automakers and basic resources climbing nearly 1% each.

Italian shares rose 0.5%, extending a rally after the right-wing coalition led by Georgia Meloni overwhelmingly won the national election.

Italian election results reduced political uncertainty, but coalition policy choices remain unclear, Moody's said on Monday.

Shares of Nexi gained 6.2% after the payments group said it estimated an excess cash generation of around 2.8 billion euros ($2.70 billion) in 2023-2025 which can be used to pursue M&A opportunities or to return capital to shareholders via buyback and dividends.

Hugo Boss AG fell 2.2% after Deutsche Bank downgraded the German fashion house's stock to "hold", citing fading tailwinds.

(Reporting by Devik Jain in Bengaluru; Editing by Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK AG -1.05% 9.966 Delayed Quote.-8.59%
HUGO BOSS AG -0.34% 52.64 Delayed Quote.-1.27%
MOODY'S CORPORATION -0.63% 290.76 Delayed Quote.-25.42%
NEXI S.P.A -1.14% 7.802 Delayed Quote.-43.59%
STOXX EUROPE 600(EUR)(TR) -0.62% 1007.51 Delayed Quote.-7.73%
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