European Shares Extend Gains As Treasury Yields Fall

European shares rose sharply on Tuesday to extend gains from the previous session as weak U.S. manufacturing and construction data released overnight raised hopes for slower Federal Reserve tightening.

The dollar extended its slide and bond yields declined, helping improve investors’ appetite for riskier assets.

Earlier today, the Reserve Bank of Australia hiked rates by less than expected, saying it wants to strike a balance between tightening policy and ensuring that economic growth remains steady.

The pan European Stoxx 600 jumped 2.3 percent to 399.98 after gaining 0.8 percent on Monday.

Tech and travel stocks topped the gainers list as investors hunted for bargains.

Swiss chemicals maker Sika gained about 1 percent after raising its full-year sales forecast.

Holcim Group added 3.2 percent. The building materials maker said it has completed the acquisition of the Polymers Sealants North America or PSNA division of Illinois Tool Works Inc. (ITW).

Metropole Television shares slumped 9.7 percent in Paris after Bertelsmann’s RTL Group dropped its plan to sell a controlling stake in the French TV company.

Low-cost airline Wizz Air Holdings rallied 3.6 percent after data revealed a 51.5 percent jump in passenger traffic and 12.7 percent lower CO2 emissions in the month of September 2022.

British bakery chain Greggs jumped almost 11 percent after it reported a 14.6 percent increase in third-quarter sales.

Legal & General Group added 5 percent as the financial services and asset management firm reassured investors about its financial status.

Made.Com climbed 22 percent. The embattled furniture retailer said it has begun talks with a “number of interested parties” regarding the sale of the company.

Source: Read Full Article