Europe open: Stocks push higher as oil prices nudge up

European stocks rose in early trade, taking their cue from positive sessions in the US and Asia, as oil prices edged higher again.

At 0900 GMT, the benchmark Stoxx Europe 600 index was up 1.7%, Germany’s DAX was up 2.2% and France’s CAC was 2.1% firmer.

“European equities are trading higher this morning extending yesterday's rebound on the back of rallying US markets and firmer markets across the board in Asia overnight. Furthermore growing speculations that the PBoC might be taking additional measures soon to boost growth is fuelling the positive sentiment this morning,” said Markus Huber, senior analyst at Peregrine & Black.

“Also currently the G20 meeting is taking place in Shanghai with global growth concerns certainly being one of the main topics there. However at this stage it is doubtful that the meeting will yield any new agreements or cooperation on new measures to boost global growth.”

Meanwhile, oil prices were a little stronger, with West Texas Intermediate up 0.7% to $33.31 a barrel and Brent crude 0.1% higher at $35.34.

In corporate news, education publisher Pearson surged as it swung to a loss in 2015, but said it sees a turnaround in sight by 2018.

Spanish travel IT company Amadeus rallied after it posted a rise in full year profit and said it was targeting a dividend payout of 50% of reported profits this year.

BHP Billiton was firmer after it denied reaching a settlement with Brazilian authorities over the Samarco mine disaster but said significant progress has been made in negotiations.

German chemicals company BASF was in the black despite posting a 76% drop in fourth quarter net profit.

Burberry was on the front foot after Nomura upgraded the stock to ‘buy’ from ‘neutral’.

On the downside, shares in Royal Bank of Scotland tumbled after it posted a full year loss and delayed the prospects of any dividend payouts. Although the loss was narrower than the previous year, it was the bank’s eighth year of losses.

British Airways and Iberia parent International Consolidated Airlines Group was a little weaker despite reporting a big jump in 2015 profit.

Salzgitter slipped as the steelmaker said its loss after tax widened in 2015.