European Shares Start December Higher, Eyes Focused on Omicron’s Fallout

European shares rose on Wednesday as bargain hunters returned from the November turmoil, but investors remain concerned about whether the emergence of the new mutated Omicron from the coronavirus will affect economic activity in the winter months.

The pan-European Stoxx 600 index rose 0.8 percent by 0816 GMT, following in the footsteps of Asian stocks and US stock futures, after heavy selling in the previous session.

Mining stocks rose 2 percent after copper prices rebounded as concerns eased about the new outbreak of the virus.

Oil sector shares jumped 2.1 percent as crude prices rose ahead of the OPEC meeting, in which major producers will discuss how to address the possibility of lack of demand due to the spread of Omicron.