European stocks rebound slightly at open

April 02, 2020: Europe's stock markets rose in opening deals on Thursday, rebounding from virus-fuelled losses as the energy sector was boosted by rallying oil prices.

                  In initial deals, London's FTSE 100 index gained 0.7 percent to 5,494.38 points compared with Wednesday's closing level.

                  In the eurozone, Frankfurt's DAX added 0.5 percent to 9,593.53 points and the Paris CAC 40 won 0.6 percent to 4,231.07.

                  “Europe managed a tepid rebound on Thursday,” said Spreadex analyst Connor Campbell, who noted that the energy sector was supported by higher crude futures.

                  World oil prices jumped on hopes for a US intervention to end a Saudi-Russia price war amid the escalating coronavirus pandemic.

                  London Brent oil leaped 12 percent to $27.79 per barrel in morning deals, while New York's WTI crude was 10 percent higher at $22.37.

                  “Hoping that Saudi Arabia and Russia may reach a price war truce — a belief based on comments by (US President) Donald Trump, so maybe they should be taken with a shovel of salt — the black stuff shot up,” noted Campbell.

                  All three main European stocks indices had meanwhile dived by about 4.0 percent on Wednesday in a global rout as the human and economic toll from the coronavirus rose.

                  Investor sentiment was also jarred after US President Donald Trump said late Tuesday that the US was in for “a very, very painful two weeks” as health experts warned the nation's death count could reach 240,000.

AFP/APP

Posted on: 2020-04-02T13:05:00+05:00

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