European Stocks Recover With Higher Oil Prices And Travel Stocks

European stocks stabilized today, after falling in the last session, as investors looked forward to the next earnings season and focused on the possibility of further stimulus in the United States under the next president, Joe Biden.

The pan-European STOXX 600 index rose 0.4%, with the oil and gas, travel and leisure sectors climbing more than 1% each to lead the gains.

Investors took profits on Monday, after a rally last week, as the sweep of Democrats in the US Senate election raised expectations of greater US fiscal stimulus.

International oil companies BP, Shell and Total won as crude oil prices recovered amid expectations of withdrawals from US crude oil inventories.

Danish shipping company Maersk rose 2.8% after brokerage Berenberg raised the stock’s rating to “buy”, saying that earnings momentum driven by shipping rates could push the stock up.

Swedish online games company Kindred jumped 5% after reporting strong activity momentum in the fourth quarter, while Renault’s shares rose 1.5% after the French carmaker said it started 2021 with a higher level of orders compared to 2019.