LONDON — European stocks moved higher on Tuesday, continuing a recovery seen at the start of the week.
The pan-European Stoxx 600 index closed up 0.36%, paring earlier gains of more than 1%. Autos climbed 1.5% to lead gains while utilities slipped 0.9%.
The positive trade for Europe comes as global markets appear to be staging a comeback rally after a tumultuous week last week.
Asia-Pacific markets were mostly buoyant overnight and bitcoin continued a recent rebound. On Wall Street, stocks rose Tuesday as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
Last week, there was a flurry of central bank action, with the Fed raising its benchmark funds rate by 75 basis points, its largest hike since 1994. The Bank of England also implemented its fifth rate rise in a row, the Swiss National Bank surprised markets with a 50 basis point hike, and the European Central Bank also announced that it plans to create a new tool to tackle the risk of euro zone fragmentation.
In terms of individual share price movement, Leonardo climbed 3.4% after the Italian aerospace and defense company announced that its U.S. electronics unit DRS had agreed a takeover of Israel’s RADA Electronic Industries.
Finnish manufacturer Wartsila added 7% after announcing that alongside Swedish shipping line company Stena, it is building the world’s largest hybrid ship.
At the bottom of the index, Delivery Hero dropped 6.8%. Proximus shares dropped more than 7.6% after the Belgian mobile communications company acquired substantive spectrum rights for 491 million euros ($517.9 million).