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Sept. 21, 2021, 11:03 a.m. EDT

European stocks rebound with Universal Music Group soaring in its debut

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By Barbara Kollmeyer

Stocks rebounded in Europe on Tuesday, following the biggest one-day drop since mid-July, with Universal Music Group soaring in its debut and pharmaceuticals, energy and apparel and footwear among big contributing sectors.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.65% rose 1% to 458.99, bucking two days of losses and a 1.7% tumble on Monday, when global markets reeled from worries about contagion from troubled property group China Evergrande /zigman2/quotes/208605330/delayed HK:3333 -3.39% . The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.42% and French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.60% rose 1.4% each and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +1.13% added 1%.

Those gains came as Wall Street stocks /zigman2/quotes/210598065/realtime DJIA +0.77% /zigman2/quotes/210599714/realtime SPX +0.45% /zigman2/quotes/210598365/realtime COMP -0.13% bounced back from deep losses the previous day, with investors pushing back on the idea that if Evergrande defaults on its loans, a Lehman-like moment could emerge for global stocks.

Attention was turning to the two-day Federal Open Market Committee meeting that begins on Tuesday.

“It is possible we could see renewed weakness for stocks if Chairman Jerome Powell suggests QE will be tapered quicker than expected amid surging inflationary pressures around the world,” said Fawad Razaqzada, market analyst with ThinkMarkets, in a note to clients.

A positive distraction for investors came as Universal Music Group /zigman2/quotes/229501281/delayed NL:UMG +0.50% , the music label spun out of Vivendi  /zigman2/quotes/202179234/delayed FR:VIV +0.26% , surged 38% on its first day of trading in Amsterdam. Without that Universal stake, shares of Videndi dropped 20% to €10.42, making for the Stoxx 600’s biggest decliner. A day earlier, Vivendi shares lost 0.6% to €10.30.

Some airlines continued to rise a day after the administration of President Joe Biden announced it would lift a travel ban on vaccinated visitors later this fall, following restrictions put in place in March 2020 that applied to China, Europe, Brazil, South American and India.

Shares of British Airways owner International Consolidated Airlines Group /zigman2/quotes/208070069/delayed UK:IAG -0.26% climbed 3.8%. Deutsche Lufthansa /zigman2/quotes/201210530/delayed XE:LHA -0.31% said that bookings between the U.S. and Europe have jumped 40% from the previous week, following the announcement of easing restrictions. After a 5% surge on Monday, shares of Lufthansa were off 0.8%.

/zigman2/quotes/210599654/delayed
XX : STOXX
470.33
+3.02 +0.65%
Volume: 0.00
Jan. 27, 2022 5:50p
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/zigman2/quotes/208605330/delayed
HK : Hong Kong
$ 1.71
-0.06 -3.39%
Volume: 39.84M
Jan. 27, 2022 4:08p
P/E Ratio
1.19
Dividend Yield
10.64%
Market Cap
$23.37 billion
Rev. per Employee
$4.43M
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,524.27
+64.88 +0.42%
Volume: 105,993
Jan. 27, 2022 5:55p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,023.80
+41.84 +0.60%
Volume: 100,076
Jan. 27, 2022 6:00p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,554.31
+84.53 +1.13%
Volume: 709,944
Jan. 27, 2022 4:55p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,432.39
+264.30 +0.77%
Volume: 238.23M
Jan. 27, 2022 12:18p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,369.34
+19.41 +0.45%
Volume: 1.28B
Jan. 27, 2022 12:18p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,524.58
-17.54 -0.13%
Volume: 2.01M
Jan. 27, 2022 12:18p
loading...
/zigman2/quotes/229501281/delayed
NL : Netherlands: Euronext Amsterdam
22.00
+0.11 +0.50%
Volume: 2.32M
Jan. 27, 2022 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€39.69 billion
Rev. per Employee
€809,322
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/zigman2/quotes/202179234/delayed
FR : France: Euronext Paris
11.44
+0.03 +0.26%
Volume: 2.17M
Jan. 27, 2022 5:39p
P/E Ratio
10.87
Dividend Yield
5.24%
Market Cap
€11.95 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208070069/delayed
UK : U.K.: London
158.48 p
-0.42 -0.26%
Volume: 17.76M
Jan. 27, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£7.88 billion
Rev. per Employee
£72,726
loading...
/zigman2/quotes/201210530/delayed
XE : Germany: Xetra
7.05
-0.02 -0.31%
Volume: 7.09M
Jan. 27, 2022 5:41p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€8.45 billion
Rev. per Employee
€123,309
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