Europe open: Stocks nudge up as bank earnings flow in

European stocks nudged up in early trade, underpinned by some well-received corporate news and a rebound in oil prices.

At 0900 GMT, the benchmark Stoxx Europe 600 index, Germany’s DAX and France’s CAC 40 were all up 0.1%.

Meanwhile, West Texas Intermediate was up 0.9% to $52.79 a barrel and Brent crude was 0.8% firmer at $52.76, having suffered heavy losses in the previous session.

David Morrison, senior market strategist at SpreadCo, said: “The major European stock indices and US index futures are modestly firmer in early trade this morning, following a mixed close on Wall Street last night. The positive tone has been helped along by a rebound in crude oil after a sharp sell-off earlier in the week. Both WTI and Brent are trading around the respective mid-points of trading ranges which have been in place since early December. Sentiment has also been lifted by some better-than-expected earnings from European banks including SocGen, Commerzbank and Mediobanca.”

In corporate news, Societe Generale was in the black after it posted a smaller-than-expected drop in fourth-quarter net profit.

Mediobanca edged higher after the Italian lender said net profit in its fiscal second quarter almost doubled thanks to a jump in revenue in all business streams.

Oil giant Total gushed higher as it reported a better-than-expected profit for the fourth quarter, thanks in part to a rebound in crude prices.

Fund manager Ashmore surged after it said pre-tax profit in the six months to the end of December rose 94% to £121.5m, while net revenue increased 24% to £144.1m.

Ont the downside, Commerzbank was weaker despite reporting better-than-expected fourth-quarter earnings, while Thyssenkrupp declined despite saying it swung to a net profit in the first quarter of its fiscal year 2017.

Elsewhere, Publicis slumped after its fourth-quarter sales missed estimates.

Medical devices group Smith & Nephew retreated as it reported full year sales in line with forecasts and earnings that beat consensus despite declining sales in the fourth quarter.

Thomas Cook was under the cosh as it reported a narrowing of losses for the first quarter but sounded a cautious note on the outlook.