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Energy-sector rebound props up European stock markets
December 17, 2014 / 4:16 PM / 3 years ago

Energy-sector rebound props up European stock markets

LONDON, Dec 17 (Reuters) - European shares edged into positive territory on Wednesday, helped by a rebound in energy stocks and new signs that the European Central Bank will undertake measures to buoy the region’s economy.

The pan-European FTSEurofirst 300 index, which had spent much of the day in negative territory, was up 0.2 percent at 1611 GMT, while the euro zone’s blue-chip Euro STOXX 50 index also rose 0.1 percent.

Oil prices recovered some ground, with Brent higher at $60.60 per barrel and U.S. oil at $56.43.

“If you’re prepared to hold your nerve, oil assets look like a good buy at the moment,” said Clairinvest fund manager Ion-Marc Valahu.

Senior European Central Bank policymaker Benoit Coeure also said he saw a broad consensus on the bank’s Governing Council for more action and that the issue was how best to do this, with buying government bonds “the baseline option.” (Reporting by Sudip Kar-Gupta; Editing by Lionel Laurent)

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