4:00 PM Frankfurt, Germany - European markets rebounded after a rally in resource sector on the weakening dollar. Credit Suisse plummeted after reporting its first full-year loss since 2008. LafargeHolcim proposed selling its entire operation in India.
Stock markets in Europe rebounded on Thursday as a falling U.S. dollar fueled a resource sector rally and ahead of the Bank of England rate decision later today.
The dollar continued to slide after hopes for further interest-rate hikes by the Federal Reserve faded on Wednesday.
Oil and metals, priced in the U.S. dollar in international markets, increased following the weakness in the currency.
Anglo American soared 11.1%, Glencore jumped 7% and BHP Billiton gained 8.3%.
In the energy sector, Royal Dutch Shell rose 6.1% and Norway controlled Statoil gained 7.8%, despite reporting a widening loss for the latest quarter.
The Bank of England is expected to release its quarterly inflation report later today and the central bank is expected to leave benchmark rate of 0.5% unchanged.
In London, FTSE 100 index gained 87, or 1.49%, to 5,924.14 and in Frankfurt, the DAX index added 65.15, or 0.69%, to 9,499.97.
In Paris, the CAC 40 index rose 22.95, or 0.54%, to 4,249.91.
Credit Suisse Group AG
plummeted 11.3% to 13.18 after posting its first full-year loss since 2008 due to impairment charges for its investment banking operations.
The bank reported a pre-tax 2015 loss of 2.4 billion Swiss francs after it wrote off 3.8 billion francs in goodwill related to its investment banking division.
Credit Suisse said it is accelerating its cost-cutting program and announced 4,000 job cuts.
The bank plans to save 3.5 billion Swiss francs in 2016.
GEA Group AG
rose 6.6% to 40.17 after the German food processing equipment maker reported improving annual results due to an extensive restructuring program.
More than half of the staff reduction targeted until 2017 was accomplished by the end of 2015.
And equipment maker said new orders increased 1.6% to 4.6 billion from the same period a year ago.
Operating earnings or EBITDA rose 5.1% to 621 million from the year-ago period and the operating margin stood at 13.5%.
The company completed four bolt-on acquisitions with aggregate annual revenue of more than 120 million, said CEO Jürg Oleas.
For 2016, GEA projects moderate revenue growth and EBITDA between 645 million and 715 million.
ING Groep NV
surged 10.5% to 10.69 after the Dutch bank posted better-than-expected fourth-quarter results due to strong performance of its retail and wholesale divisions.