The European stock market was higher on the Tuesday morning. This is a rebound after that horrible downfall that happened because of the apprehension and tension due to the Covid 19 cases that are surging in Europe right now. The pan-European Stoxx 600 climbed 1% in early trade, with basic resources adding 1.7% to lead gains as all sectors and major bourses entered positive territory.
On Monday, concerns about the spread of Covid-19′s delta variant prompted investors around the world to dump equities, especially those directly affected by pandemic restrictions.
New Covid cases are surging in Europe and the U.S. as the delta variant spreads, largely among the young and unvaccinated, or the partially vaccinated. The U.S. is averaging about 26,000 daily cases in the last seven days, more than double the average from a month ago, according to CDC data.
Bitcoin is also in the spotlight on Tuesday after its price tumbled amid the market turmoil, falling below $30,000 for the first time in nearly a month. About $98 billion was wiped off the entire cryptocurrency market in 24 hours as of 12:29 a.m. ET on Tuesday, according to CoinMarketCap data.
In earning news, Swiss banking giant UBS has beaten second-quarter earnings expectations, reporting net profit attributable to shareholders of $2 billion. UBS shares climbed 4.2% in response to the news.
At the top of the Stoxx 600, Swedish industrial manufacturer Alfa Laval added 5% after beating profit estimates, while at the bottom of the index, compatriot home appliance company Electrolux fell more than 8% after issuing a supply chain warning.