European Shares Rebound Led By Tech Rally

Major European stock indexes closed higher on Tuesday, ending a three-day losing streak, as tech shares rebounded and as investors welcomed upbeat corporate updates.

Delivery Hero jumped 5% 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, while meal-kit delivery HelloFresh announced a share buyback program of up to €250 million.

Elsewhere, ECB chief economist Philip Lane said he does not see prices above the 2% target in the medium term, while new Bundesbank President Joachim Nagel voiced concerns about the spike in inflation, challenging the central bank’s narrative that the current price pressure is temporary.

Frankfurt’s DAX 30 added more than 170 points or 1.1% to end at 15,942, while other European bourses gained between 0.6% and 1%.