European stocks rallied on Tuesday with regional investors brushing off losses on Wall Street earlier in the week.
The pan-European Stoxx 600 closed up 1.2%, with banks jumping 3.4% to lead gains while tech stocks added 2.1%.
The positive start for Europe comes despite concerns over losses in Wall Street in the previous trading session that saw the tech-heavy Nasdaq Composite fall more than 2%.
On the economic data front, final purchasing managers’ index (PMI) readings from across the euro zone showed business growth dented in September by inflationary pressures and supply chain problems. The final IHS Markit composite PMI came in at 56.2 last month, compared to 59.0 in August. Anything above 50 represents an expansion.
French industrial output climbed 1% in August from the previous month, outstripping a Reuters consensus forecast of 0.3%, and accelerating from the 0.5% monthly growth seen in July.
Italy’s economy grew by slightly less than previously estimated in the second quarter, according to revised figures published Tuesday by the country’s national statistics office. GDP grew by 17.2% from the second quarter of 2020, fractionally below the 17.3% previously reported.
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