the german share price index dax graph is pictured at the stock exchange in frankfurt germany may 3 2022 reutersstaff may 3 reuters  european stocks rose on tuesday after a string of upbeat earnings while banking shares gained as government bond yields hit fresh highs in anticipation of quicker interest rate hikes by global central banks to tackle surging inflation the paneuropean stoxx 600 index stoxx climbed 05 rebounding from a flash crash in the previous session caused by a single sell order trade by citigroup inc cn oil  gas sxep jumped 41 to lead gains among european sectors boosted by bp bpl which rose 58 as a strong operational performance driven by high oil and gas prices helped the british energy company increase share buybacks read more economically sensitive sectors such as banks sx7p and automakers sxap advanced about 2 each leading gains early on tuesday as german 10year bond yields hit 1 for the first time since june 2015 overnight the us 10year treasury yield hit 3 for the first time since december 2018 ahead of a federal reserve meeting on wednesday when policymakers are expected to hike rate by 50 basis points to contain soaring prices european stocks had a rough april when worries about aggressive monetary policy tightening chinas covid lockdown and the ukraine war stoked concerns about a sharp global economic slowdown the narrative so far this year has very much been inflation and interest rate driven what the markets are trying to assess now is a slowdown in global growth and what impact that has on monetary policy going forward said dan boardmanweston chief executive officer at bri wealth management data showed euro zone producer prices surged more than expected in march as energy prices more than doubled yearonyear while unemployment hit a new record low jack allenreynolds senior europe economist at capital economics said supply problems faced by eurozone companies have eased a little this year but remain intense this will continue to weigh on production and keep inflation high french bank bnp paribas bnpppa jumped 52 as it posted a betterthanexpected 19 rise in net income as trading boomed and reaffirmed its mediumterm profitability targets read more nearly half of the stoxx 600 companies have reported firstquarter results so far and 71 of those have topped analysts earnings estimates as per refinitiv ibes data with the biggest beats coming from energy and materials sectors german chemicals maker covestro 1covde slid 49 after it warned covid19 lockdowns in china will significantly affect business in the second quarter read more reporting by sruthi shankar in bengaluru editing by subhranshu sahu sriraj kalluvila and barbara lewis