German stocks hit record high as European banks reverse Archegos-linked tumble

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German stocks hit record high as European banks put brakes on Archegos-linked tumble

European stocks continued their climb higher on Tuesday, with Germany’s key index opening to a new high, as the market seems to have shrugged off wider concerns of fallout from a major selloff last Friday linked to a $30 billion margin call.

Volatility remains a concern, with the yield on the 10-year U.S. Treasury — which has been a force behind stocks’ bumpy ride in recent weeks — at the highest level since January 2020. The yield on the benchmark note was above 1.77% TMUBMUSD10Y, 1.767%. Leaders in Germany and France are feeling pressure to tighten existing lockdowns over rising coronavirus disease infections. The U.K., which leads European Union countries on vaccinations, entered a new phase of reopening on Monday.Hewson said the shorter week of trading ahead of the Easter holiday, with the end of the month and quarter nearing, could lead to “a fair amount of volatility over the next couple of days.

 

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