European Stocks Snap 7-day Losing Streak as Oil Rebounds

European stock markets rebounded from a two-year low on Wednesday, as investors picked up stocks beaten down during a seven-session selloff.

The Stoxx Europe 600 index jumped 1.9% to end at 315.19, after closing Tuesday at the lowest level since October 2013. That capped a losing streak fueled by concerns about oil prices and slowing global growth.

Germany’s DAX climbed 1.6% to 9,017.29, while France’s CAC 40 index gained 1.6% to 4,061.20. The U.K.’s FTSE 100 index rose 0.7% to 5,672.30. 

The benchmarks wobbled a bit in the afternoon after U.S. Federal Reserve Chairwoman Janet Yellen acknowledged downside risks to the economy, largely stemming from uncertainty from China.

Source : Market Watch

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Hong Kong Key Share Index Snaps 7-Day Losing Streak

Hong Kong’s flagship Hang Seng index rose on Tuesday, breaking a seven-day losing streak, as investor sentiment improved amid a recovery in some regional markets.

But a key index tracking major Chinese companies listed in Hong Kong fell for the eighth straight day, dragged lower by a second day of panic-selling in mainland markets.

The Hang Seng index rose 0.7 percent, to 21,404.96, while the China Enterprises Index lost 0.9 percent, to 9,514.04 points.

Chinese stocks have lost nearly 20 percent over the past two trading sessions, in a crash that has sent shockwaves across global markets, but some investors believe pessimism has been overly excessive in Hong Kong.

The rebound in the Hang Seng was led by tech stocks , but many other sectors, including property, materials and energy remained in negative territory

Source: Reuters

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