Investing.com - European stocks opened sharply higher on Tuesday, boosted by a rebound in oil prices and as investors eyed the release of a report on German economic sentiment due later in the trading session.
During European morning trade, the EURO STOXX 50 rallied 1%, France’s CAC 40 advanced 1.12%, while Germany’s DAX 30 jumped 0.99%.
Oil prices moved back higher on Tuesday, as an oil worker strike in Kuwait cut the country’s crude production nearly in half.
Crude had tumbled the previous day after a meeting of the world’s major oil producers in Doha, Qatar on Sunday ended without an agreement on curbing production intended to prop up prices.
Energy stocks were sharply higher, as French oil and gas major Total SA (PA:TOTF) rallied 1.38% and Italy’s ENI (MI:ENI) SpA jumped 1.11%, while Norwegian rival Statoil ASA (OL:STL) surged 3.18%.
Financial stocks were also on the upside, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) advanced 0.63% and 1.12%, while Germany’s Deutsche Bank (DE:DBKGn) gained 1.12%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) climbed 0.41% and 2.11% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) added 0.17% and 0.34%.
In earnings news, Publicis Groupe SA (PA:PUBP) surged 4.18% after reporting better-than-expected first-quarter sales growth. However, the advertising company warned that a loss of key clients last year would weigh on revenue in the coming months.
Roche Holding (SIX:ROG) jumped 1.16% after reporting an rise in first-quarter revenue thanks to strong sales of the company’s cancer and immunology drugs.
In London, commodity-heavy FTSE 100 gained 0.44%, boosted by sharp gains in the mining and energy sectors.
Mining giants Rio Tinto (LON:RIO) and Glencore (LON:GLEN) rallied 2.45% and 2.83% respectively, while Bhp Billiton (LON:BLT) and Anglo American (LON:AAL) soared 3.02% and 3.92%.
Oil and gas giant Royal Dutch Shell (LON:RDSa) added to gains, with shares climbing 0.43%, while rival company BP (LON:BP) rallied 1.53%.
In the financial sector, stocks were also broadly higher. Lloyds Banking (LON:LLOY) rose 0.26% and the Royal Bank of Scotland (LON:RBS) advanced 1.01%, while Barclays (LON:BARC) and HSBC Holding gained 1.22% and 1.54% respectively.
Meanwhile, shares in Meggitt (LON:MGGT) jumped 1.45% after the engineering company reaffirmed its annual guidance for a small rise in organic revenue and said it was making good progress with a cost-cutting plan.
The company also announced plans to cut 400 jobs by the end of the first-half of the year, in line with its plan.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.18% rise, S&P 500 futures a 0.43% increase, while the Nasdaq 100 futures indicated a 0.53% climb.