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13 Jan 2016
European stocks extend rally as oil rebounds
FXStreet (Mumbai) - The stock on the European bourses extended the previous rally on Wednesday, tracking the rebound in the Asian markets. While the oil price recovery from multi-year lows also lifted the energy and resource stocks on the region’s indices.
The major Asian stocks closed higher earlier on the day after the sentiment was lifted after the Chinese trade figures surprised to the upside.
Markets ignored weak industrial production data from the Euro land, as the bounce in the energy stocks lifted investors’ sentiment. While gains in the auto sector stocks also added to the upside in the indices. French oil giant Total jumped 3.68%, while the UK’s Tullow Oil rallied over 13%, BP rose 3.73% and Shell gained 3.18%. The German utilities companies, E.ON and RWE climbed as much as 5% and 4%, respectively.
Germany's DAX 30 index rallies 1.30% to 10,112, while the UK's FTSE 100 index gains 1.21% to 6,000. Among other European indices, the French CAC 40 index jumps 1.67% to 4,451, while the pan-European Euro Stoxx 50 index is up 1.50% to 3,115.
The major Asian stocks closed higher earlier on the day after the sentiment was lifted after the Chinese trade figures surprised to the upside.
Markets ignored weak industrial production data from the Euro land, as the bounce in the energy stocks lifted investors’ sentiment. While gains in the auto sector stocks also added to the upside in the indices. French oil giant Total jumped 3.68%, while the UK’s Tullow Oil rallied over 13%, BP rose 3.73% and Shell gained 3.18%. The German utilities companies, E.ON and RWE climbed as much as 5% and 4%, respectively.
Germany's DAX 30 index rallies 1.30% to 10,112, while the UK's FTSE 100 index gains 1.21% to 6,000. Among other European indices, the French CAC 40 index jumps 1.67% to 4,451, while the pan-European Euro Stoxx 50 index is up 1.50% to 3,115.