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European stocks closed sharply higher on Tuesday, rebounding from the three‑month lows hit in the previous session as prices for key energy commodities retreated from recent peaks, easing stagflation fears. The Eurozone’s STOXX 50 advanced 2.5% to 5,830, while the pan-European STOXX 600 climbed 1.8% to 606.
Banks and insurers rallied, supported by a respite in Eurozone government bond markets, with Santander, BBVA, UniCredit, and ING gaining between 4% and 5.5%. The pullback in energy prices also buoyed energy‑intensive industrial heavyweights, with Schneider Electric and Siemens rising about 4% and 5%, respectively.
Stocks linked to AI software and infrastructure also advanced after TSMC reported strong sales for the first two months of the year. ASML added 4.6%, Infineon rose 6%, and Prosus jumped 10%. Meanwhile, Volkswagen gained 3% after issuing guidance that pointed to a rebound in operating performance this year.
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