LONDON: European stocks stabilised yesterday after their worst sell-off this year in the previous session, helped by a handful of positive corporate earnings and production updates from miners.
The pan-European STOXX 600 index rose 0.5 per cent, after worries about the fast-spreading Delta coronavirus variant and slowing economic growth had knocked 2.3pc off the index on Monday.
Miners, among sectors that bore the brunt of Monday’s bruising selloff, rose 1.5pc after BHP Group and Anglo American provided upbeat production numbers.
Swiss bank UBS climbed 5.3pc on posting a 63pc jump in second-quarter net profit, helped by a booming wealth management business. Peers Credit Suisse and Julius Baer also rose.
“We expect European (economic) growth to peak this summer (but) continue to favour risk assets over a 12-month horizon,” analysts at BCA Research wrote in a note.