European Stocks End Higher, Energy Boosts
Gains in energy shares helped European equities end more than 1 percent higher on Tuesday, paring the previous session's 2 percent fall.
Total advanced 1.7 percent and Royal Dutch Shell gained 2.3 percent as U.S. crude oil prices jumped nearly 2 percent to $96.4 a barrel.
Miners were also higher, with bid target Rio Tinto up 2.2 percent and Anglo American 3.6 percent higher, while some beaten-down banks including Barclays and Royal Bank of Scotland also rose.
The pan-European FTSEurofirst 300 index closed 1.2 percent stronger at an unofficial 1,479.7, near the day's high of 1,481.9 and up sharply from the session's low of 1,453.8. U.S. markets also traded higher.
"The reasons for having a positive stance on equities is that global growth is all right and the outlook for growth in 2008 is good," said Rob van de Wijngaert, acting head of investment strategy at ABN Amro Asset Management.
Ericsson was a standout loser, down 11 percent after the telecom equipment maker said its planning assumptions were now at the lower end of a forecast range for fourth quarter sales.