Investing.com - European stocks edged higher on Monday, as markets recovered from the previous week's downward trend mostly due to falling oil prices.
During European morning trade, the EURO STOXX 50 added 0.19%, France’s CAC 40 rose 0.28%, while Germany’s DAX 30 edged up 0.13%.
Global equities were hit last week amid growing concerns over the economic impact of the continuing rout in oil prices and its effect on energy companies.
Markets were also jittery ahead of the Federal Reserve's upcoming policy meeting, as ongoing speculation over the prospects for a U.S. rate hike next year fuelled expectations that the U.S. central bank could adjust its forward guidance.
Financial stocks were mixed, as BNP Paribas (PARIS:BNPP) declined 0.40% and Societe Generale (PARIS:SOGN) inched up 0.04% in France, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) lost 0.12% and 1.31%.
Among peripheral lenders, Unicredit fell 0.12% and Intesa Sanpaolo rose 0.29% in Italy, while Spanish banks BBVA and Banco Santander gained 0.31% and 0.74% respectively.
Elsewhere, Technip saw shares surge 7.50% as Europe’s largest oil-and-gas services company said it is abandoning plans to buy French seismic surveyor CGG (PARIS:GEPH), whose shares dove 27.69%.
In London, commodity-heavy FTSE 100 edged up 0.20%, boosted by sharp gains in enery stocks.
Shares in Petrofac rallied 2.10% and BG Group surged 2.42%, while rival company Tullow Oil Plc (LONDON:TLW) soared 3.43%.
Mining stocks were also higher, as Glencore Xstrata Plc (LONDON:GLEN) inched up 0.06% and Rio Tinto added 0.13%, while Fresnillo Plc (LONDON:FRES) gained 0.20% and Bhp Billiton rose 0.33%.
BT Group added to gains, up 0.58% as negotiations to acquire one of Britain’s two largest wireless operators gained momentum over the weekend, with the owners of O2 and EE trying to reach a deal with the former telecommunications monopoly.
Meanwhile, financial stocks were steady to lower. Shares in Lloyds Banking (LONDON:LLOY) dipped 0.03% and the Royal Bank of Scotland (LONDON:RBS) eased up 0.03%, while HSBC Holdings (LONDON:HSBA) slid 0.32% and Barclays dropped 0.68%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.54% gain, S&P 500 futures signaled a 0.59% increase, while the Nasdaq 100 futures indicated a 0.55% climb.
Later in the day, the U.S. was to release reports on manufacturing activity in the New York region and industrial production.