August 16, 2022

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European shares rebounded after three days of losses

European shares rebounded after three days of losses

Chart of the German stock index DAX at the Frankfurt Stock Exchange, Germany, January 10, 2022. REUTERS / Personal

Jan 11 (Reuters) – European shares rose on Tuesday as investors returned to tech shares after seven days of selling driven by interest rate hikes, while upbeat earnings from companies like HelloFresh and Delivery Hero also buoyed confidence.

The pan-European STOXX 600 was up 0.9%, as of 0826 GMT, after Wall Street’s late-session rally supported Asian stocks. [.N]

European technology stocks advanced 2.1% after falling 3.6% to their lowest level in nearly three months in the previous session.

Germany’s Delivery Hero SE rose 6.6% after saying it expects its food delivery business to break even during the second half of 2022, as demand has surged dramatically since the start of the pandemic.

HelloFresh rose 4.9% after the German food delivery company announced a share buyback program of up to 250 million euros.

Construction chemicals maker Sika climbed 3.7 percent after reporting a 17.3 percent increase in 2021 sales, driven by a series of acquisitions and the construction sector’s recovery after the coronavirus shutdown last year.

Deutsche Bank fell 1.8 percent after US financial investor Cerberus, who favored a merger of the bank and Commerzbank, liquidated a large part of his stake in the two largest German banks.

(Reporting by Anisha Sircar in Bengaluru; reprint by Subhrancho Sahu, translated by Jose Muñoz in the Gdansk newsroom)

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