As oil stocks rise European shares resurge after four-day low

European shares rebounded on Wednesday after a four-day losing streak, as higher commodity prices helped offset fears around Europe's worsening COVID-19 situation and prospects of severe restrictions dampened the economic outlook. The pan-European STOXX 600 climbed 0.5% by 0825 GMT after recording their worst session in nearly two months on Tuesday amid a resurgence in coronavirus cases and fears of rising interest rates. AutoStore added 5% after the Norwegian robotics company posted a 95% surge in third-quarter revenue.


Reuters | Updated: 24-11-2021 14:30 IST | Created: 24-11-2021 14:15 IST
As oil stocks rise European shares resurge after four-day low

European shares rebounded on Wednesday after a four-day losing streak, as higher commodity prices helped offset fears around Europe's worsening COVID-19 situation and prospects of severe restrictions dampened the economic outlook.

The pan-European STOXX 600 climbed 0.5% by 0825 GMT after recording their worst session in nearly two months on Tuesday amid a resurgence in coronavirus cases and fears of rising interest rates. Oil stocks rose 0.9%, with crude prices inching higher as investors remained sceptical about the effectiveness of a U.S.-led release of oil from strategic reserves.

Miners gained 1.2%, tracking higher copper prices due to easing concerns over Chinese demand. Telecom Italia jumped 8.3% following news reports that KKR is considering boosting its offer for the company after its top investor Vivendi called the initial one too low.

French catering company Elior Group rose 2.6% after announcing new targets for its next fiscal year and posting its best quarter since the pandemic began. AutoStore added 5% after the Norwegian robotics company posted a 95% surge in third-quarter revenue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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