Europe Shares Pare Losses

By Yomna Yasser On May 16, 2012

European stock markets rebounded in afternoon trade on Wednesday, paring losses as luxury-goods maker Compagnie Financiere Richemont SA (CH:CFR) +8.06% rose nearly 10% on results, igniting the sector.

Oil stocks also moved higher, with Total SA (FR:FP) +2.15% TOT +2.20%up 2.7% as crude prices also pared losses. The Stoxx Europe 600 index (XX:SXXP) -0.21%traded flat at 245.55, versus a loss of over 1% earlier.

The French CAC 40 index (FR:PX1) +0.65% rose nearly 1% to 3,067.96 and the German DAX 30 index (DX:DAX) +0.04% was flat at 6,404.20.

The Portugal PSI 20 index and the Athens General Index (GR:GD) -1.33% , each stayed weaker, off 1.2% and 1%, respectively.

The FTSE 100 index (UK:UKX) -0.17% fell 0.1% to 5,432.78, Market Watch reported.