European shares rise after Monday’s bruising sell-off

European shares rise after Monday’s bruising sell-off

European shares

European shares rebounded on Tuesday after a bruising sell-off in the previous session, with a jump in commodity stocks offsetting concerns about the Omicron coronavirus variant.

The pan-European STOXX 600 added 0.9% as of 0821 GMT, with miners and oil stocks leading gains on the back of higher copper and crude prices amid a slight upturn in risk appetite. [O/R] [MET/L]

Semiconductor and chip stocks ASML Holding (NASDAQ: ASML), ASM International (OTC: ASMIY), Infineon (OTC: IFNNY) Tech, and STMicroelectronics rose around 2% each after U.S. chipmaker Micron Technology (NASDAQ: MU) beat market expectations in its trading update.

Sporting goods makers Adidas (OTC: ADDYY) and Puma added 1.2% and 1.0% following Nike’s (NYSE: NKE)’s quarterly beat.

Sanofi (NASDAQ: SNY) slipped 0.1% after announcing it will buy Amunix Pharmaceuticals for about $1 billion.

The FTSE MIB climbed up by 0.65% to 26,350.20. In the cash markets, the DAX  Germany was trading up by 0.56%  to 15,324.65. CAC 40  in France rose by 0.42% to 6,899.37 while the FTSE 100  in the U.K. was up by 0.83% to 7,256.35, at the time of writing.

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