European shares rise as investors return to tech stocks

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European shares ticked higher on Tuesday, as investors returned to tech stocks after a seven-day sell-off fuelled by concerns about rising rates, while upbeat earnings from companies like HelloFresh and Delivery Hero also aided the mood.

The pan-European Stoxx 600 advanced 0.9 per cent, as of 0826 GMT, after a late-session recovery on Wall Street supported Asian equities.

European tech stocks advanced 2.1 per cent after tumbling 3.6 per cent to a near three-month low in the previous session.

Germany’s Delivery Hero SE jumped 6.6 per cent after saying it expects its food delivery business to break even during the second half of 2022 as demand has soared since the pandemic began.

HelloFresh leapt 4.9 per cent after the German meal-kit delivery firm announced a share buyback programme of up to €250 million.

Construction chemicals maker Sika AG climbed 3.7 per cent after reporting a 17.3 per cent rise in 2021 sales, boosted by a raft of acquisitions and the upturn in the building industry after pandemic closures the year before.

Deutsche Bank slipped 1.8 per cent after US financial investor Cerberus, which has favoured a merger of the bank and Commerzbank, divested a large chunk of its holdings in the two top German lenders. – Reuters

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