European Stocks Extend Rebound
European stocks closed firmly higher on Tuesday with support from banks, consumer discretionary companies, and auto producers as sovereign yields paused their recent surge. The Euro STOXX 50 added 0.5% to 6,274 and the STOXX Europe 600 gained 0.5% to 636.6. Long-maturity euro-area sovereign yields were mostly lower on the session, especially in economies with higher debt pressure, softening concerns that the ECB would be forced to intervene against fragmentation. Banks tracked the rebound in credit, with BNP Paribas jumping 2.5% while UniCredit, Santander, and Deutsche Bank added 1.5% each. Intesa Sanpaolo also gained 1.3%, rebounding from yesterday's drop as markets reconsidered how a potential acquisition of Banca MPS could impact future returns. On the other hand, Schneider Electric sank 4.5% after agreeing to buy US software firm PTC in a $22.6 billion deal.
European stocks closed firmly higher on Tuesday with support from banks, consumer discretionary companies, and auto producers as sovereign yields paused their recent surge. 6. Long-maturity euro-area sovereign yields were mostly lower on the session, especially in economies with higher debt pressure, softening concerns that the ECB would be forced to intervene against fragmentation. 5% each.
3%, rebounding from yesterday's drop as markets reconsidered how a potential acquisition of Banca MPS could impact future returns. 6 billion deal.