European stocks recoup some losses after a sharp sell-off

European stocks rebounded from two-month lows on Tuesday with broad-based gains as bargain hunters provided support after a sharp sell-off on concerns over slowing economic growth.

At 0717 GMT, the pan-European STOXX 600 index was up 0.9 percent after closing at its lowest level since early March on Monday.

Most sectors, with the exception of defensive telecoms and healthcare, rose in Europe.

Swedish Match AB soared 25 percent after US tobacco giant Philip Morris International Inc said it was in talks to buy its smaller competitor.

French automaker Renault Group rose 1.4 percent as China’s Geely Automobile Holdings agreed to take around 34 percent of Renault Korea Motors.

Britain’s FTSE 100 index also rose on Tuesday, boosted by mining and banking stocks, a day after worries about rising recession risks, higher interest rates and extended COVID-19 lockdowns in China triggered a sharp sell-off in the blue-chip index.

The index was up 0.9 percent by 0707 GMT. After five days of strong selling, the domestically focused mid-cap index rallied 0.8 percent, helped by a 1.9 percent gain in travel and leisure stocks.

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

Bank shares rose 1.1 percent after falling more than 2 percent in the previous session on concerns about global economic growth.

Equities around the world came under pressure in May, with high-growth stocks bearing the brunt of the sell-off amid fears that major central banks will aggressively hike interest rates to curb rising inflation.

On Wall Street, the tech-heavy Nasdaq fell more than 4 percent on Monday. European stocks recoup some losses after a sharp sell-off

Fry Electronics Team

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