European stocks rebound on stimulus hopes and rising oil prices

European stocks rose on Wednesday, to resume their rally after taking a breather yesterday, while today stocks rose near one-week highs, on improved investors' sentiment and hopes about stimulus plans in most European economies to ease the coronavirus impact, and a surge in oil price.

The Stoxx Europe 600 index rose 0.2% as of 11:15 GMT, after it closed lower by 0.6% yesterday, within a breather and snapped the 2-day rally on profit-taking from 2-month highs.

The pan European index opened higher today, to head for the first straight daily gain, neat a 1-week high o of 341.82, with most European markets and sectors seeing green today.

Germany and France proposed on Monday the launch of an economic recovery fund that was welcomed by the markets, which is aimed at supporting to the countries most impacted by the health crisis.

The energy sector saw the largest gains in Europe today, rising by 1.5%, after a surge in oil prices near 2-month peak following a drop in the US crude inventories.

S&P 500 futures rose 1.1%, after the index closed lower by 1.05% yesterday at Wall Street, posting its first daily loss in 4 on profit-taking.

Back to Europe, the Euro Stoxx 50 index added 0.2%, the German DAX jumped 0.3%, France's CAC 40 rose 0.2%, while the UK's FTSE 100 fell 0.5%.