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European stocks rebound as oil, travel stocks jump

Published 01/12/2021, 04:25 PM
Updated 01/12/2021, 04:30 PM
© Reuters.
BP
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TTEF
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RENA
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MAERSKb
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RDSa
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KINDsdb
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STOXX
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SXEP
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SXTP
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Jan 12 (Reuters) - European stocks steadied on Tuesday after
declining in the last session, as investors looked to the
upcoming earnings season and focused on the prospect of larger
U.S. stimulus under incoming president Joe Biden.
The pan regional STOXX 600 index .STOXX rose 0.4% by 0811
GMT, with the oil & gas .SXEP and travel & leisure .SXTP
sectors climbing more than 1% each to lead the gains.
Investors booked profits on Monday following last week's
rally after a Democrat sweep in the U.S. Senate elections raised
expectations of larger U.S. fiscal stimulus.
Oil majors BP BP.L , Royal Dutch Shell RDSa.L and Total
TOTF.PA gained as crude prices rebounded on expectations of a
drawdown in U.S. crude oil stockpile. O/R
Danish shipping company Maersk MAERSKb.CO rose 2.8% after
brokerage Berenberg upgraded the stock to "buy", saying
earnings momentum driven by freight prices could see the stock
run higher. Swedish online gaming company Kindred KINDsdb.ST jumped 5%
after it reported strong business momentum through the fourth
quarter, while Renault SA RENA.PA rose 1.5% after the French
automaker said its started 2021 with a higher level of orders
than in 2019.

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