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.
