(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Travel, media, mining, energy stocks lead gains
* German shares rebound from two-month lows
* Focus on U.S. Fed, other central bank meetings
* UMG surge gives it market cap of $54 billion
(Adds comments, updates prices throughout)
By Sagarika Jaisinghani and Shreyashi Sanyal
Sept 21 (Reuters) - European shares rose on Tuesday after
their biggest fall in two months on easing worries about the
spillover from the crisis at China's Evergrande, while music
label Universal Music Group soared 35% in its stock market
debut.
The pan-European STOXX 600 was up 1.0% after
sinking to a two-month low in the previous session.
Travel & leisure, media, mining and
energy stocks led gains, while Germany's DAX
rebounded from its lowest level since late July.
"European markets have been much more adept at holding on to
their gains today than their U.S. counterparts," said Chris
Beauchamp, chief market analyst at IG.
Travel-related stocks including British Airways-owner IAG
, cruiseliner Carnival Corp and InterContinental
Hotels Group jumped between 2% and 5% following the
relaxation of U.S. travel curbs.
M&A activity on Tuesday also boosted sentiment. Shares of
British sports betting and gambling company Entain Plc
surged 18.0% on a report that U.S. sports betting firm
DraftKings made a $20 billion cash-and-stock offer to
buy the company.
Britain's National Express rose 7.6% after rival
Stagecoach Group said it was in talks with National
Express about a possible all-share merger.
Stagecoach's shares jumped 27.0%.
Universal Music Group, the business behind singers
such as Lady Gaga, Taylor Swift and The Weeknd, surged 35.7% in
its first day of trading, giving it a market capitalisation of
more than 46 billion euros ($54 billion).
Shares of owner Vivendi soared 67.2%.
Global markets were roiled on Monday by concerns the
potential default by Evergrande, the world's biggest property
developer, could hurt China's real estate sector, banks and the
global economy.
Evergrande, struggling for cash, owes $305 billion.
Focus this week is also on policy meetings at a slate of
central banks, including the U.S. Federal Reserve, with
investors expecting some of them to indicate they are ready to
ease their pandemic-era stimulus to combat high inflation.
"Evidently investors there are concerned that the tapering
announcement may come with hints of what the Fed might do next
regarding rate increases as well, something much more concerning
for markets," IG's Beauchamp said.
Europe's benchmark STOXX 600 has fallen from record highs in
September after seven straight months of gains on fears of
persistently high COVID-19 cases and signs of a slowdown in the
global economic recovery.
Sweden's gardening power tools group Husqvarna
tumbled 6.9% after warning it could potentially lose top line
sales of up to 2 billion crowns ($230.7 million) due to a
supplier dispute.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by
Arun Koyyur and Emelia Sithole-Matarise)
