European Stocks Rebound From Weekly Slump as Energy Shares Rise
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The Stoxx Europe 600 Index gained 0.5 percent to 332.27 at 9:36 a.m. in London for its first gain in six days. A gauge of oil-and-gas companies rose 2.3 percent, with Total SA and Royal Dutch Shell Plc up more than 2 percent, contributing the most to the advances. The broad gauge slumped 5.8 percent last week as crude prices tumbled.
“Oil prices are steering markets,” said Christian Zogg, who manages the equivalent of about $10 billion as head of equity and fixed income at LLB Asset Management AG in Vaduz, Liechtenstein. “The crash in the oil market is rather supply-side driven and not the problem on the demand side. For European countries, excluding the U.K. and
Norway, the impact should be rather positive.”
After rallying to an almost seven-year high on Dec. 5 and declining last week to its lowest level since Oct. 29, the Stoxx 600 is up only 1.3 percent for 2014.
Greece’s ASE Index (ASE) climbed 2 percent today, the biggest gain among 18 western-European markets. The gauge sank 20 percent last week, the most since 1987, amid concern a potential snap parliamentary election will open the door to anti-austerity leadership.
Among stocks moving on corporate news, Technip SA rallied 7.4 percent after Europe’s largest oil-and-gas services company said it walked away from a bid to buy CGG SA. Shares of the French seismic surveyor plummeted 30 percent.
Danske Bank A/S dropped 1.4 percent after Denmark’s biggest bank said it will write down 9 billion kroner ($1.5 billion) in goodwill following talks with the country’s financial regulator.
Standard & Poor’s 500 Index index futures climbed 0.8 percent before a report may show U.S. industrial production rose in November. The benchmark stock gauge lost 3.5 percent last week for its biggest slump since May 2012.
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