European shares bounced on Wednesday, as investors picked up stocks hammered in a recent market selloff, driven by concerns about mounting Western sanctions on Russia after it invaded Ukraine.
The pan-European STOXX 600 index rose 2.6% after a four-day run of losses. Hard-hit banks, travel & leisure and automakers led the gains in morning trade - all up more than 4% each.
European suppliers of Apple such as ASML, ams and Infineon rose between 3.5% and 5% after Apple added 5G connectivity to its low-cost iPhone SE and iPad Air and introduced a faster chip for a new desktop.
Adidas jumped 7.6% after the German sportswear company said it expects a sales recovery in its China business but warned of up to 250 million euros ($273.10 million) hit from halting business in Russia.
German logistics company Deutsche Post jumped 4.9% after reporting a 65% increase in 2021 operating profit.
Italy’s second-biggest bank UniCredit gained 7.4% and French bank BNP Paribas climbed 7.9%, helped by a broad-based rally, even as the banks unveiled their exposure to Russia.
Stock markets globally fell in a volatile session on Tuesday after the United Stated and Britain moved to ban Russian oil imports, raising fears of global stagflation. Europe’s STOXX 600 index has shed nearly 13% so far this year.
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