Europe close: Stocks end off their worst levels of the day

As of 17:15 BST the benchmark DJ Stoxx 600 was lower by 0.45% or 1.50 points to 334.74, while the Dax was slipping 0.70% to 9,975.32 and the Cac-40 was down 0.50% to 4,316.67.

The FTSE Mibtel on the other hand was off by an outsized 1.32% or 236.64 points to 17,698.08.31.

The Stoxx 600 Bank sector gauge was retreating 1.30% to 99.14 points alongside a loss in a gauge for Media stocks of 1.04% to 281.44.

Shares in Italian lender Banco Popolare were down by over 8% alongside a 9% mover lower for Austria's Raiffeisen Bank International, with the latter saying it might merge with its parent in a bid to ease regulatory requirements.

Oil futures erased early losses and quickly sprinted higher following an unexpectedly 'bullish' report on weekly US oil stockpiles.

Front month Brent crude oil futures ended the day up by 3.33% to $47.09 per barrel on the ICE. The DJ Stoxx 600's OIl&Gas subindex ended the session higher by 0.14% to 277.99 points.

Inventories of commercial crude oil Stateside dropped by 3.4m barrels to 540.0m over the five days ending on 6 May according to the Energy Information Administration, the statistical arm of the US Department of Energy.

Analysts had been expecting a build of about 750,000 barrels.

Germany auctioned €3.95bn of two-year debt, with the sale meeting strong demand that drove the bid-to-cover ratio to 2.2, up from 1.8 the last time around.

The US Treasury was scheduled to sell $23bn in 10-year debt later in the day.

To take note, strategists at Deutsche Bank were cautioning clients about the sharp drop seen in the analysts' profit forecasts since the start of the year. Average earnings per share for Stoxx 600 companies were now expected to rise by just 0.3% this year, down from the rise of about 7% which had been seen.

Stock in JC Decaux sank after guiding investors to a decline in second quarter revenues.

ABN Amro saw first quarter underlying profits jump 21% to €475m, outpacing estimates of €423m as bad loan impairments at the Dutch lender fell by a sharp 99%thanks to the country's robust economy.

Deutsche Post DHL Group reported an identical 21% rise in its first quarter earnings, adding that it was on track to meet its full-year guidance.

First quarter orders at German construction firm Hochtief soared by 31% buoyed by strong demand from all geographical regions.