4:00 PM Frankfurt, Germany European markets halted 7-day losing streak after investors returned for bargain hunting. Deutsche Bank rebounded on unconfirmed reports that the largest German bank may buy back bonds. Opera Software surged 33.5% after receiving an offer for $1.23 billion from China.
Financial markets turned around after seven-day losing streak amid stronger corporate earnings and a search for bargains.
Investors shrugged off the latest economic data, which shows that major European economies are shrinking, and preferred to focus on bargain hunting and positive earnings news.
In France, industrial production fell 1.6% in December from the previous month, according to statistical agency Insee.
In the U.K. industrial production declined 1.1% in December from the previous month, the Office for National Statistics said.
Banks were among the best performing stocks after the heavy losses in previous sessions.
Shares of Deutsche Bank rebounded 11.7% on unconfirmed reports that the bank is considering an extensive bond buyback program.
The recovery of Deutsche Bank from multi-year lows provided investors with more confidence about the banking sector.
UniCredit soared 11.5% and Commerzbank gained 7.9%.
In London, FTSE 100 index rose 60.01, or 1.07%, to 5,692.20 and in Frankfurt, the DAX index surged 200.98 or 2.41%, to 9,080.38.
In Paris, the CAC 40 index added 96.36, or 2.41%, to 4,093.90.
Akzo Nobel N.V
inched down 1.4% to 52.65 after the paints and specialty chemicals company warned of a difficult year ahead, despite reporting 29% growth in EBITDA.
The Dutch company said market conditions remain difficult in Brazil, China and Russia, while it doesnt expects a significant improvement in Europe.
Net profit rose to 203 million in the latest quarter from 7 million a year earlier.
EBITDA increased to 426 million from 330 million a year earlier.
The company declared a full-year dividend of 1.55 a share, up from 1.45 in 2014.
A.P. Moeller-Maersk AS
slumped 2.8% to 7,745 Danish kroner after the shipping and oil group swung to a loss in the fourth quarter of 2015.
The company booked impairments of $2.6 billion on its oil assets.
For 2016, Maersk expects financial results to deteriorate because of a further decline in freight rates and the demand for transport and the low oil prices.
jumped 4% to 569.5 Danish kroner after the fourth-largest brewer in the world estimated organic sales growth in 2016.