European stocks rose on Tuesday as investors waited for the subsequent U.S. inflation reading on Wednesday. They also monitor comments from the U.S. Federal Reserve.
The pan-European Stoxx 600 added 1% by noon, mostly recouping the 1.3% decline by Monday’s close. Tech stocks gained 2.3% to lead gains as most sec and major bouses entered positive territory.
When it comes to individual share price movement, Swedish cloud computing firm Sinch advanced 8.5%. It added 8.5% after Goldman Sachs initiated coverage of the company’s stock with a “buy” rating.
Stocks in Asia-Pacific
On Tuesday, stocks in Asia-Pacific mostly declined as investors remain concerned about inflation and likely policy tightening from central banks such as the Federal Reserve.
In Japan, the Nikkei 225 dropped 0.9% to end its trading day at 28,222.48. The Topix index declined 0.44% to close at 1,986.82. On Monday, the Japanese market was closed for a public holiday.
In South Korea, the Kospi wavered between gains and losses before finishing near flat at 2,927.38. The Kosdaq dropped 1.07% to 969.92.
In Hong Kong, the Hang Seng index declined to 23,739.06.
Mainland Chinese stocks fell on Tuesday. The Shenzhen component declined 1.27% to 14,223.35. The Shanghai composite fell 0.73% to finish its trading day at 3,567.44.
Elsewhere, the ASX 200 in Australia dropped 0.77% to 7,390.1 The heavily weighted financials subindex fell 0.99% as Australia’s major banking names sold off amid growing expectations that the Federal Reserve might raise rates quicker than previously anticipated. Shares of Commonwealth Bank of Australia fell 1.51% and ANZ declined 1.3%.
U.S. stocks were mixed on Monday. The Dow Jones Industrial Average and the S&P 500 suffered losses on Monday. Still, the Nasdaq Composite finished fractionally higher in regular trading.
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