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European stocks rebound after worst selloff of 2021

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

July 20 (Reuters) - European stocks steadied on Tuesday after their worst selloff this year, helped by a handful of positive corporate earnings and production updates from miners.

The pan-European STOXX 600 index rose 1% in early trading after worries about the fast-spreading Delta variant and slowing economic growth knocked 2.3% off the index in the previous session.

Miners led the gains, rising 1.6%, after BHP Group and Anglo American provided upbeat production numbers.

Swiss bank UBS gained 4.6% after it posted a 63% jump in second-quarter net profit, helped by a booming wealth management business. Peer Credit Suisse rose 1.8%.

Among decliners, Sweden’s AB Volvo fell 3.6% as it warned of further production disruptions and stoppages this year due to chip shortages.

Home appliances maker Electrolux tumbled 8.7% after it reported a lower-than-expected second-quarter operating profit and warned global supply chain woes would worsen in coming months. (Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)

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