European stocks bounce as earnings lend support

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The continent-wide STOXX 600 rose 0.6% after plunging nearly 2% on Monday over worries of an economic slowdown in China and rapid U.S. interest rate hikes.

Miners and oil stocks were among the biggest gainers after slumping on Monday. Nearly all subsectors and regional markets were in the black.

Chinese stocks recovered from two-year lows on hopes of more easing measures to reduce the impact from a COVID-19 outbreak, while Wall Street advanced and Nasdaq ended sharply higher. [.SS] [.N]

UBS gained 0.2% after reporting its best first-quarter net profit in 15 years.

Shipping group Maersk surged 5.8% after raising its outlook for the full year after first-quarter operating profit came in above its previous expectations, driven by high container freight rates.

HSBC fell 1.9% after Europe’s biggest bank warned that more share buybacks were unlikely this year owing to rising inflation and economic weakness, even as profit in the first quarter fell by less than expected.