European Stocks Surge After Bounce in Oil Spurs Risk-On Appetite
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European shares rallied on Wednesday after tumbling the most in a month in the previous session, as reassuring earnings reports in the tech sector as well as a recovery in the oil price boosted investor sentiment.
The Stoxx Europe 600 Index closed up 1.8%, after dropping 3.4% on Tuesday. Oil and mining shares were the biggest advancers, benefiting from Brent’s recovery from a 2002 low. Tech shares also outperformed, with STMicroelectronics NV climbing 8.4% and Ericsson AB gaining 4.8% after posting results.