October 5, 2021
(Reuters) – European stocks edged higher on Tuesday, as rising bank stocks and an encouraging earnings update from German chipmaker Infineon calmed nerves following a tech-fuelled selloff on Wall Street.
The pan-European STOXX 600 index gained 0.5% by 0711 GMT, after closing at its lowest level since July 21 in the previous session.
Investors dumped Big Tech and other U.S. growth stocks in the face of rising Treasury yields on Monday, while Asian stocks fell to their lowest in a nearly a year as sentiment remained fragile over concerns about slowing growth and rising inflation. [MKTS/GLOB]
In Europe, rate-sensitive banking stocks rose 0.9%, while automakers slipped 0.2%.
Infineon Technologies gained 1.9% after it confirmed its 2021 revenue and said it expects results to rise further next year as demand for power chips for cars, datacenters and renewable power generation soars.
British baker and fast-food chain Greggs climbed 4.1% after it raised its full-year profit outlook despite staffing and supply chain disruption.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)
Source Link Banks, Infineon help European stocks buck global gloom