European stocks rebounded after three days of losses as Treasury yields pulled back from two-year highs ahead of Fed Chair Powell’s testimony and U.S. inflation data.
The pan European Stoxx 600 climbed 1 percent to 483.67 after declining 1.5 percent the previous day.
The German DAX jumped 1.2 percent, France’s CAC 40 index rallied 1.3 percent and the U.K.’s FTSE 100 was up 0.6 percent.
Tech stocks rebounded, with Infineon Technologies and ASM International climbing 3-4 percent.
Delivery Hero SE shares soared 5.5 percent. The German online food ordering company said it expects its food delivery business to break even during the second half of 2022.
HelloFresh rallied 3.5 percent after the meal-kit delivery firm announced a share buyback program of up to 250 million euros.
Evotec AG, a drug discovery and development company, surged 4.2 percent after saying it has expanded its neurodegeneration collaboration with Bristol Myers Squibb (BMY) to include a new targeted protein degradation approach.
Deutsche Bank fell 1.2 percent after U.S. financial investor Cerberus cut stake in both Deutsche Bank and Commerzbank. Shares of the latter were down 2.7 percent.
Swiss building materials maker Holcim Group rallied 3.6 percent. The company has inked a deal to acquire French manufacturer of specialty building solutions PRB Group.
Construction chemicals maker Sika AG added 3.5 percent after reporting a 17.3 percent rise in 2021 sales.
French rolling stock maker Alstom SA rose over 2 percent after it signed a 1.8 billion euros framework contract with Norske Tog AS, a provider of transit services, to supply up to 200 Coradia Nordic regional trains in Norway.
Technip Energies soared 5 percent. The company has agreed to acquire 1.8 million of its own ordinary shares from TechnipFMC plc.
Vitec added 1.5 percent on London. The provider of hardware products and software services said that it expects 2021 adjusted pretax profit, revenue and net debt to be in line with market consensus.
Building materials supplier SIG declined 1.2 percent. The company swung to an underlying operating profit in 2021 and said it has strong momentum going into 2022.
In economic releases, U.K. retail sales grew 2.1 percent on a yearly basis in December despite the recent Omicron outbreak, data released by the British Retail Consortium revealed. For the whole year of 2021, retail sales were up 9.9 percent.
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