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European stocks edged higher on Tuesday after a string of upbeat earnings reports and as banks rose on government bond yields hitting fresh highs in anticipation of quicker interest rate hikes.

The pan-European STOXX 600 index climbed 0.6% by 0716 GMT, with banks rising 1.4% to lead sectoral gains.

Wall Street ended a seesaw session higher on Monday as the U.S. benchmark 10-year Treasury yield hit 3% for the first time since December 2018 ahead of a Federal Reserve meeting this week, where policymakers are expected to announce a 50 basis point rate hike. German bond yields also hit fresh peaks.

German logistics company Deutsche Post rose 1.3% as it reported higher first-quarter revenue and operating profit and confirmed its financial targets for 2022-2024.

French bank

added 2.4% as it posted a 19.2% rise in quarterly net income, helped by a sharp increase in trading activities, and kept its 2025 targets.

Norwegian aluminium maker Norsk Hydro dropped 3.9%, tracking a fall in metal prices, even as it reported record quarterly profits that beat expectations.

While London stocks were catching up with global markets after a bank holiday on Monday, energy group BP rose 1.6% as it boosted its share buyback programme after net profit soared to its highest in more than a decade.

European stocks stabilised after a brief flash-crash on Monday, which Citigroup Inc confirmed it was caused by a single sell order trade by the bank.


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