© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 26, 2022. REUTERS/Staff
(Reuters) – Europe’s index rose on Tuesday, led by automakers and materials stocks after a three-day selloff triggered by fears over global recession, while Italian payments group Nexi (BIT:) topped the benchmark index on strong business outlook.
The continent-wide index was up 0.4% by 0715 GMT. It lost 4.8% in the last three sessions after downbeat data on economic activity in the region and policy tightening by several global central banks deepened fears of a recession.
All European sector indexes rose, with automakers and basic resources climbing nearly 1% each.
Italian shares rose 0.5%, extending a rally after the right-wing coalition led by Georgia Meloni overwhelmingly won the national election.
Italian election results reduced political uncertainty, but coalition policy choices remain unclear, Moody’s (NYSE:) said on Monday.
Shares of Nexi gained 6.2% after the payments group said it estimated an excess cash generation of around 2.8 billion euros ($2.70 billion) in 2023-2025 which can be used to pursue M&A opportunities or to return capital to shareholders via buyback and dividends.
Hugo Boss AG fell 2.2% after Deutsche Bank (ETR:) downgraded the German fashion house’s stock to “hold”, citing fading tailwinds.
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