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Oil stocks help European shares rebound from four-day losing streak

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 23, 2021. REUTERS/Staff

(Reuters) – European shares rebounded on Wednesday after a four-day losing streak, as higher commodity prices helped offset fears around Europe’s worsening COVID-19 situation and prospects of severe restrictions dampened the economic outlook.

The pan-European climbed 0.5% by 0825 GMT after recording their 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%, with crude prices inching higher as investors remained sceptical about the effectiveness of a U.S.-led release of oil from strategic reserves.

Miners gained 1.2%, tracking higher prices due to easing concerns over Chinese demand.

Telecom Italia (MI:) jumped 8.3% following news reports that KKR is considering boosting its offer for the company after its top investor Vivendi (PA:) called the initial one too low.

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

AutoStore added 5% after the Norwegian robotics company posted a 95% surge in third-quarter revenue.

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