Best session in 11 weeks for European stocks as banks surge



* Banks jump on rate expectations

* Euro zone business growth slowed in Sept - PMI

* Infineon up on upbeat forecast (Updates to close)

By Sruthi Shankar and Susan Mathew

Oct 5 (Reuters) - A 3.5% jump in European banks and a rally in beaten down technology companies pushed an index of European stocks up over 1% on Tuesday, also helped by positive U.S. data bolstering Wall Street.

The European tech sector .SX8P jumped 2.2%, breaking a seven-session losing run over which it fell 11.7%. U.S. peers also rallied as investors moved into growth names.

Chipmaker Infineon's IFXGn.DE 4.8% climb led gains after it confirmed its 2021 revenue and said it expects results to rise further next year.

The pan-European STOXX 600 index .STOXX ended up 1.2% with all major sectors in the black, helping it log its best session since July 21.

Bank stocks .SX7P hit an over 1-1/2 year high. JPMorgan JPM.N said it is still "overweight" on European banks citing upside to capital return and rates outlook.

Spain's BBVA BBVA.MC , Italy's Intesa Sanpaolo ISP.MI and Finland's Nordea Bank NDAFI.HE were JPM's top picks. Shares in Italy's Unicredit CRDI.MI jumped 4.3% after the bank confirmed its third-quarter forecast to analysts.

"Rate-sensitive banking stocks are enjoying a boost as investors begin to seriously price in rate rises," said Danni Hewson, financial analyst at AJ Bell.

"But there are big questions about how the economy is really bouncing back, and cost pressures are taking their toll on businesses and the consumer," Hewson said.

Business growth in the euro zone slowed in September as supply issues constrained activity, while elevated inflationary pressures dented demand, IHS Markit's survey showed.

"The PMIs are consistent with the euro-zone's economic recovery losing some momentum... The surveys also show that price pressures are spreading to the services sector, even in parts of the periphery," said Jessica Hinds, Europe economist at Capital Economics.

Investors are now awaiting U.S. jobs data on Friday for signs on the tapering timeline of Federal Reserve asset purchases. Data on Tuesday showed U.S. services industry activity nudged up in September.

British baker and fast-food chain Greggs GRG.L climbed 11.1% to top the STOXX 600 after it raised its full-year profit outlook despite staffing and supply chain issues.

Third-quarter earnings for companies listed on the STOXX 600 are expected to increase 45.6% from a year ago, according to Refinitiv data.

German leasing company Grenke GLJn.DE tumbled 6.7% after it cut its full-year forecast range, while audio solutions provider GN Store Nord GN.CO slumped 7% after a forecast cut at the company's Hearing unit due to delays in product launches.

Dutch tech investor Prosus PRX.AS rose 2.6% after it got regulatory approval to increase its stake in German food delivery company Delivery Hero DHER.DE .
Reporting by Sruthi Shankar and Anisha Sircar in Bengaluru; Editing by Sriraj Kalluvila, Ramakrishnan M. and Bill Berkrot

Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Gumagamit kami ng cookies para mabigyan ka ng mahusay na karanasan sa aming website. Magbasa pa o palitan ang iyong cookie settings.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.