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The
pan-European STOXX 600 ticked up 0.4% after shedding 0.8% in the
previous session as European and U.S. bond yields surged on
Tuesday on expectations of tighter monetary policy. Banks and
food & beverage stocks rose 1.6% and 1.4%, respectively.
ASML Holding NV, a key supplier to computer chip makers, climbed
4.4% following a first-quarter sales beat, boosting tech shares.
Danone jumped 7.4% after the French food group posted stronger
quarterly sales growth and maintained its 2022 targets, while
Heineken NV rose 4.2% on a sharper rise in quarterly beer sales
as bars reopened, allowing the firm to also stick to its 2022
forecast.
Commodity-linked mining and oil stocks fell 1.1% and 0.4%,
respectively.
Rio Tinto fell 2.6% after reporting lower iron ore shipments in
the first quarter and warning of risks from inflation, China's
pandemic-related lockdowns and the Ukraine war.
"Despite the risk rebound, headwinds are likely to prevail in
the short term, as lingering risks of a war escalation and
sanctions are augmented by tougher central banks and increased
signs of slowdown," said Michele Morganti, equity strategist at
Generali Investments.
The STOXX 600 has declined 6% on the year so far, with cyclical
bank shares and financial services down 5% and 10%,
respectively.
Credit Suisse fell 1.7% after the Swiss bank said it expects a
first-quarter net loss and higher negative impacts from Russia's
invasion of Ukraine.
Siemens Gamesa slipped 1.4% after posting a quarterly loss,
while parent Siemens Energy dropped 4.5% after saying it also
had to review its annual forecast.
Food delivery company Just Eat Takeaway.com firmed 2.9% after
saying it is in talks for a possible sale of its U.S. arm
Grubhub and reported quarterly results.
France's CAC 40 gained 0.5%, the most among regional peers,
ahead of a key debate between presidential election candidates
Emmanuel Macron and Marine Le Pen before Sunday's runoff vote.
Elsewhere in the region, German producer prices rose 30.9% on
the year in March, reflecting the effects of the Ukraine
conflict for the first time.
(Reporting by Anisha Sircar in Bengaluru; Editing by Amy Caren
Daniel and Shounak Dasgupta)
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