Oil stocks help European stocks rebound after four-day losing streak

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Nov. 24 (Reuters) – European stocks rebounded on Wednesday after a four-day losing streak as rising commodity prices helped offset fears about the worsening COVID-19 situation in Europe and the prospect of severe restrictions weighed on the economic outlook.

The pan-European STOXX 600 climbed 0.5% at 8:25 a.m. GMT after posting its worst session in nearly two months on Tuesday amid a resurgence in coronavirus cases and fears of rising interest rates.

Oil stocks rose 0.9% as crude prices gradually increased as investors remained skeptical about the effectiveness of a US-led release of oil from strategic reserves.

Miners gained 1.2%, following higher copper prices as concerns about Chinese demand eased.

Telecom Italia jumped 8.3% following reports that KKR plans to step up its offer for the company after its main investor Vivendi called the initial offer too low.

French catering company Elior Group grew 2.6% after announcing new targets for its next fiscal year and posting its best quarter since the start of the pandemic.

AutoStore rose 5% after the Norwegian robotics company posted a 95% increase in revenue in the third quarter. (Reporting by Anisha Sircar in Bangalore; Editing by Shailesh Kuber)


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Felix J. Dixon