A
rebound in commodity and energy producers led the advance in European
equities, while earnings at Siemens AG and Royal Philips NV further
boosted sentiment.
The
Stoxx Europe 600 Index climbed 0.9 percent at the close of trading in
London. It erased a decline of as much as 2 percent as crude rose above
$30 a barrel after Iraq’s oil minister said Saudi Arabia and Russia are
now more flexible about cooperating to cut output.
Siemens
surged 8.6 percent -- the most since 2008 -- after unexpectedly raising
its annual profit forecast, signaling confidence that it can ride out a
slowdown in China and drop in oil. Philips jumped 6.1 percent after
reporting that quarterly earnings rose more than estimated on growth in
medical equipment.
Fluctuations
in oil have been weighing on stocks worldwide as the two asset classes
have become the most correlated since 2013. Crude’s decline on Monday
halted the Stoxx 600’s biggest two-day rebound since 2011, fueled by
speculation of more European Central Bank stimulus.
Source: Bloomberg
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