European stocks rebound with Universal Music Group soaring in its debut

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Stocks rebounded in Europe on Tuesday, following the biggest one-day drop since mid-July, with Universal Music Group soaring in its debut and pharmaceuticals, energy and apparel and footwear among big contributing sectors. The Stoxx Europe 600 index XX:SXXP rose 1% to 458.99, bucking two days of losses and a 1.7% tumble on Monday, when global markets reeled from worries about contagion from troubled property group China Evergrande HK:3333. The German DAX DX:DAX and French CAC 40 FR:PX1 rose 1.4% each and the FTSE 100 index UK:UKX added 1%. Those gains came as Wall Street stocks DJIA SPX COMP bounced back from deep losses the previous day, with investors pushing back on the idea that if Evergrande defaults on its loans, a Lehman-like moment could emerge for global stocks. Attention was turning to the two-day Fed
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