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Banks, Infineon help European stocks buck global gloom By Reuters


© Reuters. The graph of the German share price index DAX is pictured at Frankfurt Stock Exchange, Germany. It was dated September 29, 2021. REUTERS/Staff

(Reuters) – European shares edged up on Tuesday as rising bank stocks, and an encouraging earnings update by German chipmaker Infineon (OTC) helped calm nerves after a Wall Street selloff that was tech-driven.

After closing at the lowest point since July 21, 2007, the pan-European index saw 0.5% growth by 0711 GMT.

On Monday, investors swung away from Big Tech and U.S. growth stock stocks due to rising Treasury yields. Asian stocks plummeted nearly one year after sentiment was fragile because of concerns over slowing growth and rising inflation. [MKTS/GLOB]

The European Rate-sensitive Banking Stocks rose 0.9% in Europe while the automakers declined 0.2%.

Infineon Technologies gained 1.9% as it confirmed 2021 revenue. The company said that results will rise next year because of increased demand for power chip for cars and datacenters, and for renewable power generation.

Greggs, the British bakery and fast food chain Greggs saw 4.1% growth after raising its full-year profit outlook in spite of staffing cuts and disruptions to supply chains.

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