Europe Stocks Rise as ArcelorMittal, Salzgitter Gain on EU Probe

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European stocks rebounded from a two-day decline, buoyed by a rally in steelmakers.

ArcelorMittal and Salzgitter AG jumped more than 5.7 percent after the European Union expanded a competition probe, opening up the prospect of tariffs on non-stainless steels from China and Russia. ThyssenKrupp AG climbed 2.8 percent.

The Stoxx Europe 600 Index rose 0.6 percent to 397.99 at the close of trading, reversing a drop of as much as 0.9 percent. The gauge extended gains after a report showed fewer Americans than forecast filed for jobless claims last week, pushing the past month’s average to a 15-year low.

“It was time for a rebound after the past two days,” said Steven Santos, a broker at X-Trade Brokers DM SA in Lisbon. “The fact that jobless claims in the U.S. were not a disaster has just given investors that little bit of confidence they needed to jump back in. Volumes are quite thin and with a few markets closed, big moves like we had for ArcelorMittal on the anti-dumping news will be more evident for the broader market.”

Markets including Switzerland, Sweden and Denmark were closed for a holiday today. The volume of shares changing hands in Stoxx 600 companies was 25 percent lower than the 30-day average, data compiled by Bloomberg show.

The DAX Index rebounded 1.8 percent from a three-day drop for the best performance among western European markets. German equities dragged the Stoxx 600 lower earlier this week amid a stronger euro and a rout in fixed-income markets.

Greek Talks

Greece’s ASE Index rose 0.6 percent. The government agrees with its creditors on most issues, Finance Minister Yanis Varoufakis said in Athens Thursday. Greece has to raise at least 3 billion euros ($3.4 billion) to meet the minimum budget targets acceptable by creditors, an official familiar with the matter said.

Among other shares active on corporate news, Assicurazioni Generali SpA climbed 3.8 percent after reporting an increase in profit. TalkTalk Telecom Group Plc jumped 5.8 percent after forecasting full-year revenue and earnings growth.

Salvatore Ferragamo SpA slid 5.3 percent after sales excluding currency swings rose at a slower pace than analysts had projected. Telefonica SA slipped 1 percent after reporting a drop in profitability in Spain.

Telecity Group Plc retreated 3.1 percent after Digital Realty Trust Inc. refuted speculation that it plans to make an offer for the British data-center operator.

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