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European stocks recover as tech snaps seven-day rout

01/11/2022 | 12:20pm EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - Investors venturing back into tech shares along with upbeat expectations for the fourth-quarter earnings season led European stocks to recover on Tuesday, after fears of rising rates drove heavy losses in recent sessions.

The pan-European STOXX 600 closed 0.8% higher, recovering from its worst day in 1-1/2 months. Technology stocks were the best performers for the day, adding 1.9% after tumbling nearly 8% over the past seven sessions.

Rising bond yields across the world on expectations of U.S. and European interest rate hikes this year had spurred large losses in tech as investors discounted future earnings from the sector.

"The market is grappling with a broad-based rotation and the potential for a hastened pace of rate hikes, which is leading to volatility," said Greg Marcus, managing director, UBS Private Wealth Management.

European bourses have tumbled from record highs hit earlier this month as rising yields, inflationary pressures and COVID-19 cases pile pressure on equities.

However, the European Central Bank (ECB) does not see euro zone inflation above its 2% target in the medium term, chief economist Philip Lane said in an interview, even as inflation across the bloc rose to 5% in December.

The upcoming fourth-quarter earnings season is expected to strike a positive note for stock markets. Germany's Delivery Hero SE jumped 5.0% after saying it expects its food delivery business to break even during the second half of 2022 on demand that has soared since the pandemic began.

"Regardless of the volatility seen in markets so far this year, corporate fundamentals are strong and we are expecting double-digit earnings growth this year, which should bode well for stock prices in 2022," UBS' Marcus said.

Profit for companies listed on the STOXX 600 is expected to jump 49.3% in the fourth quarter to 109.1 billion euros ($123.7 billion) from a year earlier, Refinitiv data showed.

Among other stocks, Italy's second-largest bank, UniCredit, fell 1.1% after reports that it was interested in bidding for Russia's Otkritie Bank.

HelloFresh gained 1.0% after the German meal-kit delivery firm announced a share buyback of up to 250 million euros.

Construction chemicals maker Sika AG climbed 2.9% after reporting a 17.3% rise in 2021 sales, boosted by acquisitions and an upturn in the building industry.

Meanwhile, Deutsche Bank slipped 0.5% 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 top two German lenders.

(Reporting by Anisha Sircar in Bengaluru; Editing by Aditya Soni and Frank Jack Daniel)

By Anisha Sircar and Ambar Warrick

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.24% 107.18 Real-time Quote.-4.84%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.53% 0.6645 Delayed Quote.4.29%
BRITISH POUND / EURO (GBP/EUR) -0.54% 1.17658 Delayed Quote.-0.63%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.93% 0.731438 Delayed Quote.5.94%
COMMERZBANK AG 6.55% 7.71 Delayed Quote.8.18%
DELIVERY HERO SE 0.88% 29.69 Delayed Quote.-69.97%
DEUTSCHE BANK AG 7.01% 10.018 Delayed Quote.-15.03%
EURO STOXX 50 1.40% 3708.39 Delayed Quote.-14.92%
HELLOFRESH SE -0.29% 34.5 Delayed Quote.-48.77%
INDIAN RUPEE / EURO (INR/EUR) -0.54% 0.012079 Delayed Quote.3.10%
NOKIA OYJ 0.68% 4.6395 Delayed Quote.-17.33%
ON SEMICONDUCTOR CORPORATION -2.14% 55.235 Delayed Quote.-16.87%
SIKA AG 1.64% 260.9 Delayed Quote.-32.48%
STOXX EUROPE 600 NR 1.35% 999.54 Delayed Quote.-10.24%
US DOLLAR / EURO (USD/EUR) -1.09% 0.935944 Delayed Quote.7.79%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -4.34% 58.2 Delayed Quote.-17.60%
VOLKSWAGEN AG 1.47% 147.82 Delayed Quote.-17.92%
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Technical analysis trends EURO STOXX 50
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Rankings EURO STOXX 50
ING GROEP N.V. 9.815 Real-time Quote.4.30%
BNP PARIBAS 52.12 Real-time Quote.4.16%
ASML HOLDING N.V. 521 Real-time Quote.4.05%
BANCO SANTANDER, S.A. 2.836 Real-time Estimate Quote.3.35%
TOTALENERGIES SE 53.29 Real-time Quote.3.06%
ENEL S.P.A. 6.118 Real-time Estimate Quote.-0.08%
ENI S.P.A. 13.76 Real-time Estimate Quote.-0.94%
VINCI 89.86 Real-time Quote.-1.21%
PROSUS N.V. 44.555 Real-time Quote.-2.00%
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