European stocks stabilise after inflation-fuelled selloff

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June 14 (Reuters) – European equities rose almost 1% on Tuesday as investors bought into beaten-down shares following a bruising selloff in the previous session on worries over aggressive U.S. interest rate hikes and a potential recession.

The continent-wide STOXX 600 index .STOXX rose 0.9% by 0705 GMT after sliding 2.4% to over three-month lows on Monday.

Early gains were broad-based, with battered banks .SX7P, travel & leisure .SXTP and technology stocks .SX8P up between 1.1% and 1.8%.

Wall Street’s top share index confirmed it is in a bear market on Monday on growing fears that the expected aggressive interest rate hikes by the U.S. Federal Reserve would push the economy into a recession. .N

Among single stocks, German business software group SAP SAPG.DE gained 1.5% after U.S. firm Oracle Corp ORCL.N post upbeat quarterly results, helped by soaring demand for its cloud products. nL4N2Y031Y

Atos ATOS.PA slid 5.8% after the French IT company said Chief Executive Officer Rodolphe Belmer, who started his job only in January, will quit following weeks of reports of deep divisions with the board over strategy. nL1N2Y10AS

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))