(Bloomberg) -- European stocks staged a partial rebound after wiping out $163 billion in the first two sessions of the year, with oil shares leading gains as crude prices pushed higher amid increased Middle East tensions.
The Stoxx 600 Index was 0.4% higher by 8:24 a.m. in London. Oil majors Shell Plc and BP Plc were among the largest contributors to the gains as oil added to its jump of more than 3% on Wednesday.
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Investors were also assessing the outlook for US monetary policy after minutes from the latest Federal Reserve meeting showed policymakers see interest rates staying higher for some time. Economic data from France was in focus too, with figures showing inflation edged higher in December as service prices grew more quickly and energy costs jumped.
Among other individual stocks, Evotec SE slumped as much as 20% after announcing that Werner Lanthaler would step down as Chief Executive Officer. JD Sports Fashion Plc plunged 18% after a surprise profit warning. Next Plc rallied after the British home and clothing retailer raised its profit forecast.
European stocks had a rocky start at the beginning of this year as traders pared back rate cut expectations and awaited more definitive signals from central banks they are ready to pivot to easier policy. The focus will be on the US jobs report due tomorrow for clues about Fed policy. Meanwhile, investors will monitor the euro-zone inflation report also due on Friday which is expected to show a bump.
“With investors now running modest longs, conviction to chase any move higher will remain low in the absence of any further signs that Goldilocks can outrun the bears,” said Viraj Patel, global macro strategist at Vanda Research.
For more on equity markets:
- For Miners' Seasonal Rally, China Is the Wild Card: Taking Stock
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- US Stock Futures Little Changed; Arena Group, Carnival Gain
- The Bosses Want Rate Cuts: The London Rush
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--With assistance from Michael Msika and Farah Elbahrawy.
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