Markets

European stocks rebound after selloff, miners jump

Iseq index up 1.6% in early trading with German Dax and FTSE100 both higher

In Dublin, the Iseq index was up 1.6 per cent. Photograph: iStock

Wed May 5 2021 - 09:33

European stocks bounced back on Wednesday after a sharp selloff in the previous session, as surging commodity prices lifted mining stocks, while the earnings season kept its positive momentum, brightening the mood in the markets.

The pan-European STOXX 600 index rose 0.8 per cent in early trading, with the German DAX jumping 0.9 per cent and the FTSE 100 gaining 0.6 per cent

In Dublin, the Iseq index was up 1.6 per cent.

Shares in big UK miners including Rio Tinto, BHP Group and Anglo American rose about 2 per cent each as copper prices rose past a key psychological level of $10,000 a tonne, buoyed by optimism about a speedy recovery in the global economy.

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Tech stocks rose 1.4 per cent after a 3.7 per cent plunge in the previous session.

Stellantis edged up 0.8 per cent after the carmaker reported a better-than-expected quarterly revenue but warned that a global shortage of semiconductors would affect production this quarter more heavily.

German fashion house Hugo Boss rose 2.9 per cent as it saw first-quarter sales almost double in mainland China, and its casual business returned to growth.

- Reuters

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