London - European stock markets steadied on Thursday, buoyed by some solid corporate earnings by firms including BT, and a rise in the shares of major oil companies that were boosted by a stronger oil price.
The pan-European FTSEurofirst 300 index rebounded slightly to stand 0.3 percent higher after falling 1.2 percent in the previous session to its lowest level in almost a month.
The FTSEurofirst has lost around 10 percent so far in 2016, hit - like other global stock markets - by worries about a slowdown in China, the world's second-biggest economy, and uncertainty over future US interest rate rises.
“Lower prices are starting to attract bargain hunters. However, overall sentiment remains negative as uncertainty concerning global growth, a potential US rate hike in Q3 and disappointing corporate earnings continue to take a toll on markets,” said Markus Huber, a trader at City of London Markets Limited.
BT was one of the best-performing stocks in the region, rising 3.1 percent after BT reported a better-than-expected 6 percent rise in full-year earnings.
Firmer oil prices also lifted the shares of major oil producers.
Tullow Oil jumped 6.8 percent while Spanish oil major Repsol climbed 5 percent. Repsol shares gained despite the firm posting a decline in first-quarter profits as some analysts said it had still managed to beat market forecasts.
REUTERS