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Feb. 15, 2022, 8:55 a.m. EST

European stocks advance after partial Russian troop withdrawal

By Steve Goldstein

European stocks bounced back Tuesday after Russia said it’s withdrawing some troops from the border of Ukraine.

After sliding 1.8% on Monday, the Stoxx Europe 600 (STOXX:XX:SXXP) rose 1.3% to 466.82. This year the pan-European benchmark has dropped 4%, outperforming the S&P 500 which has dropped 8%.

Of the major regional indexes, the German DAX (XEX:DX:DAX) gained 1.7%, the French CAC 40 (PAR:FR:PX1) increased 1.3% and the U.K. FTSE 100 (FTSE:UK:UKX) increased 0.9%.

Most sectors advanced, with healthcare shares in particular seeing strength as AstraZeneca (LON:UK:AZN) rose 5% and Novo Nordisk (CSE:DK:NOVO.B) rose 3%, though energy companies including Equinor (OSL:NO:EQNR) and TechnipFMC slumped as oil prices retreated.

AstraZeneca reported a positive late-stage trial for a prostate cancer drug.

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