Europe Stocks Rebound From Weekly Drop as Glencore Leads Miners

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The selloff that wiped out two days of European equity gains is showing signs of easing.

The Stoxx Europe 600 Index advanced 1.1 percent to 356.83 at 8:09 a.m. in London. European stocks tumbled on Friday, deepening a weekly loss amid mixed U.S. jobs data as concern about the strength of the global economy and an impending Federal Reserve rate increase returned to center stage.

In China, the governor of the country’s central bank forecast a return to stability for markets. The world’s second-largest economy is seeking to bolster confidence after concerns over growth spurred the biggest monthly drop in global equities since 2012 in August.

Data showing German industrial production increased in July also added to investor optimism today.

Among stocks moving on corporate news, Glencore Plc jumped 13 percent after the commodity trader said it will sell assets and shares to cut its $30 billion net debt.

Commodity producers including Rio Tinto Group and BHP Billiton Ltd rose at least 2 percent, following metals prices higher, as investors weighed attempts by China to assuage concerns about the country’s recent currency moves and stock market volatility.

Enel SpA advanced 1.4 percent after the Italian utility said it will meet its 2015 financial targets.

UniCredit SpA rose 1.6 percent after Chief Executive Officer Federico Ghizzoni told la Repubblica that the bank doesn’t need to raise capital.

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