European shares stage comeback on earnings cheer

The top European stock index gained 0.7% after shedding 3.8% in the previous session on fears about aggressive monetary policy tightening moves by the US Federal Reserve and the potential for military conflict in Ukraine.

Fed funds futures, which track short-term rate expectations, have priced in a total of four rate increases this year, as the central bank fights to stem soaring inflation. Sweden's Ericsson jumped 7.6% as it reported fourth-quarter core earnings above market estimates, helped by higher sales of telecoms gear with more countries rolling out 5G networks.

US stock indexes slid today, with the S&P 500 on track to confirm a correction as a selloff in technology stocks ahead of the Federal Reserve's policy meeting overshadowed upbeat results from blue-chip companies including IBM and 3M. "We've had bigger draw downs on all the indices even more so than all of last year. Over 40% of the Nasdaq stocks are down 50% from their all time high."

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