European stocks clung
to their first back-to-back gains in almost a month, after giving up
much of an earlier rally in the final two hours.
Energy companies
posted the best performance on the Stoxx Europe 600 Index, even after
trimming some gains on a report showing an increase in crude
inventories. Commodity producers rebounded from a 12-year low, with Rio
Tinto Group and Randgold Resources Ltd. rising at least 1.5 percent.
The Stoxx 600 added
0.4 percent at the close of trading. It rallied as much as 1.9 percent
earlier amid better-than-forecast Chinese trade data, before briefly
erasing gains as oil headed lower.
European stocks are
climbing after concern that turmoil in China’s markets would hamper
global growth drove them to the worst-ever start to a year. The Euro
Stoxx 50 Index tumbled 7.2 percent last week.
In the past seven
years, every time the euro-area gauge has fallen more than 7 percent in a
week, it has rallied 16 percent on average in the subsequent three
months. Investors are less sure of a repeat performance this time, as
they worry about global growth amid higher U.S. interest rates. Antonin
Jullier, Citigroup Inc.’s global head of equity trading strategy,
recommends buying the region’s equities after recent lows and riding the
rebound before cashing in.
Source: Bloomberg
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