European stocks edged higher on Tuesday, while bank stocks rose and encouraging results from German chipmaker Infineon eased the sell-off in US stocks triggered by a sharp fall in technology stocks.
The pan-European Stoxx 600 index rose 0.5%, closing the previous session at its lowest level since July 21.
Asian stocks fell to their lowest level in nearly a year on Monday after investors dumped large technology stocks and other US growth stocks in the face of rising Treasury yields, as concerns about slowing economic growth and rising inflation left sentiment fragile. The MSCI Asia-Pacific index (excluding Japan) fell 1.2% on Tuesday, its lowest level since November 2020.
In Europe, interest-rate-sensitive banking stocks rose 0.9 per cent, while car stocks fell 0.2 per cent.
Infineon Technologies Co. (Infineon Technologies) rose 1.9 percent as the company confirmed revenue for 2021 and said it expected results to rise further next year as demand for power chips for cars, data centers and renewable power generation soared.
Greggs, a British bread and fast-food chain, rose 4.1 percent after the company raised its full-year profit forecast in the face of staff and supply chain disruptions.