European Stocks End 4-Day Slide, Track Oil Higher

European Stocks End 4-Day Slide, Track Oil Higher

5 May 2016, 12:01
Roberto Jacobs
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European Stocks End 4-Day Slide, Track Oil Higher

The European equities open on a stronger footing this Thursday, bringing an end to its four-day losing streak, as a solid rebound in the oil prices offered the much-needed boost to the miners and energy stocks.

However, the upside remained capped as mixed earnings reports and poor UK services PMI index kept the investors on the back foot. While growing nervousness ahead of the US non-farm payrolls data also kept the gains in check.

On the data front, we had absolutely empty EUR calendar, while from the UK docket, the services PMI report was released. The gauge dropped to 52.3 points in April, from 53.7 in March, well below estimates of 53.5 points.

While from corporate news, the UK telecom company BT Group’s revenue rose 6% from the previous year and therefore, the shares rallied nearly 3% higher. Spanish oil company Repsol reported a 43% fall in its first-quarter net profit, hurt mainly by weaker oil prices. Despite, the bearish news, its shares rallied 5%.

Germany's DAX 30 index added 0.79% to trade above 9,900 mark, while the UK's FTSE 100 index rose 0.33% to 6,132. Among the other indices, the French CAC 40 index climbed 0.46% to 4,344, while the pan-European Euro Stoxx 50 index increased 0.84% to 2,960.


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