European stocks bounced back on Wednesday after a sharp selloff in the previous session, as surging commodity prices lifted mining stocks, while the earnings season kept its positive momentum, brightening the mood in the markets.
The pan-European STOXX 600 index rose 0.8% in early trading, with the German DAX jumping 0.9% and UK’s FTSE 100 gaining 0.6%.
Shares in big UK miners including Rio Tinto, BHP Group and Anglo American rose about 2% each as copper prices rose past a key psychological level of $10,000 a tonne, buoyed by optimism about a speedy recovery in the global economy.
Tech stocks rose 1.4% after a 3.7% plunge in the previous session.
Stellantis edged up 0.8% after the carmaker reported a better-than-expected quarterly revenue but warned that a global shortage of semiconductors would affect production this quarter more heavily.
German fashion house Hugo Boss rose 2.9% as it saw first-quarter sales almost double in mainland China, and its casual business returned to growth.
Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva
Source: Reuters