Modupe Gbadeyanka
By Investors Hub
European stocks rebounded after recent losses on Thursday as oil held steady, the dollar bounced back from four-week lows and investors kept an eye on U.S. tax reform developments.
The day’s economic reports proved to be a mixed bag, with Eurozone inflation slowing slightly as initially estimated in October, while U.K. retail sales rose slightly faster than expected in the month.
The pan-European Stoxx Europe 600 index was up 0.7 percent at 384.53 in late opening deals after closing half a percent lower in the previous session.
The German DAX was rising 0.6 percent and France’s CAC 40 index was gaining 0.7 percent while the U.K.’s FTSE 100 was marginally higher in choppy trade.
Deutsche EuroShop shares climbed over 3 percent. The real estate investment company confirmed its FY outlook after reporting an 18 percent increase in consolidated profit for the first nine months of 2017.
Deutsche Bank advanced 2.6 percent, a day after U.S. buyout fund Cerberus took a 3 percent stake in the bank.
Volkswagen jumped 2.7 percent after it unveiled plans to launch 15 new energy vehicles over 2-3 years.
Industrial group Bouygues soared 5 percent. The company confirmed its FY17 profit growth view after more than doubling its nine-month net profit.
British private equity firm 3i Group rallied 2 percent after good first-half results.
Swedish home appliance manufacturer Electrolux fell 2.3 percent despite issuing positive outlook for 2018.
French food services and facilities management company Sodexo, which is buying U.S. company Centerplate, tumbled 2.7 percent.
Engineering giant GKN slumped 7 percent in London after saying its write-offs related to troubles with its U.S. plant could be up to £130 million.
