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09.06.202607:32:01UTC+00European Stocks Rise on Tuesday

European equities edged cautiously higher on Tuesday, with the STOXX 50 up 0.4% and the STOXX 600 advancing 0.2%. Sentiment was buoyed by a rebound in semiconductor stocks that began in the US and carried through into Asian trading overnight. Risk appetite also improved as oil prices retreated, following assurances from Iran and Israel that they would scale back hostilities and reduce military strikes.

Attention is now turning to Thursday’s European Central Bank meeting, where policymakers are widely expected to deliver a 25 bps interest rate hike. Among individual movers, ASML Holding gained 1%, Infineon Technologies rose 2.3%, and STMicroelectronics added 1%. UBS climbed 1.6% after reports that Swiss lawmakers are considering easing capital requirements for the bank. On the downside, AstraZeneca and SAP each fell 1.5%, Siemens Energy dipped 0.6%, and BP lost 1.1%. GSK dropped 2.8% amid reports that the company is in talks to acquire oncology biotech firm Nuvalent.

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