European Stocks Claw Back some Losses, Helped by Miners, UBS


Reuters European stocks stabilised on Tuesday after their worst selloff this year in the previous session, helped by a handful of positive corporate earnings and production updates from miners.

The panEuropean STOXX 600 index rose 0.5, after worries about the fastspreading coronavirus Delta variant and slowing economic growth had knocked 2.3 off the index on Monday.

Miners, among sectors that bore the brunt of Mondays bruising selloff, rose 1.2 after BHP Group and Anglo American provided upbeat production numbers.

Swiss bank UBS climbed 4.0 after it posted a 63 jump in secondquarter net profit, helped by a booming wealth management business. Peers Credit Suisse and Julius Baer also rose.

Although the U.S. economy is in a slowdown phase and we expect European growth to peak this summer, we continue to favour risk assets over a 12month horizon, analysts at BCA Research wrote in a note.

The UK is a case in point broadbased vaccinations are keeping hospitalisation rates there low despite the sharp jump in COVID19 infections. Thus, the market impact of the Delta variant may ultimately prove fleeting in developed economies.

British airline easyJet gained 1.9 after saying it plans to fly 60 of its prepandemic capacity in the JulySeptember period.

Europes travel leisure index has fallen sharply from its April record highs, with travelrelated stocks getting hit by soaring infections across the continent and lastminute changes to travel rules.

The U.S. government on…

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