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Saturday, May 28, 2022

European stocks took some losses after a sharp sell-off

European shares rebounded from two-month lows on Tuesday, with broad-based gains as bargainers supported the selloff on concerns of slowing economic growth.

y 0717 GMT, the pan-European STOXX 600 index rose 0.9 percent on Monday after closing at its lowest level since the beginning of March.

Europe gained momentum in most sectors except defensive telecommunications and healthcare.

Swedish Match AB shot 25 pcs after US tobacco company Philip Morris International Inc said it was in talks to buy the smaller rival.

French carmaker Renault Group rose 1.4 pc as China’s Geely Automobile Holdings agreed to acquire around 34 pc of Renault Korea Motors.

The UK’s FTSE 100 index also rose on Tuesday, propelled by mining and banking stocks, a day after rising bearish risks, higher interest rates and the extended COVID-19 lockdown in China led to a take on the blue-chip index. Heavy selling started.

The index rose 0.9 percent to 0707 GMT. After five days of heavy selling, the domestically-focused mid-cap index fell 0.8 per cent, led by travel and leisure stocks jumping 1.9 per cent.

Miners gained 1.3 percent, tracking a rebound in copper prices after a slight decline in the US dollar.

Banking stocks rose 1.1 per cent after falling over 2 per cent in the previous session on concerns of global economic growth.

Stocks around the world fell in May, bearing the brunt of a sell-off in high-growth stocks, on concerns that major central banks would aggressively hike interest rates to cushion rising inflation.

On Wall Street, the tech-heavy Nasdaq fell more than 4 pc on Monday.

World Nation News Deskhttps://www.worldnationnews.com
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