London - European stocks rebounded from their biggest slump since August, before the European Central Bank’s rate decision and comments by President Mario Draghi.
The Stoxx Europe 600 Index gained 1% at 8:16 a.m. in London. All industry groups climbed except lenders, which were dragged down by a slide in Deutsche Bank AG.
The equity benchmark tumbled 3.2% yesterday to its lowest level since October 2014 as concern for global-growth prospects intensified. Worries over the impact of China’s slowdown and plunging oil prices sent the Stoxx 600 into a bear market last week, and down as much as 12% this year.
Draghi will hold a press conference at 2:30 p.m. in Frankfurt, 45 minutes after the rate decision is announced. The central bank’s additional measures last month left traders disappointed, sending the Stoxx 600 to its worst December since 2002.
Among stocks active on corporate news, Pearson climbed 5.2% after saying it plans to cut about 4 000 jobs, or about 10% of the workforce.
Logitech International SA rose 7% after raising its 2016 sales and profit forecasts. St.
James’s Place added 1.2% after saying clients poured 20% more money into its funds.
Deutsche Bank slid 5.8% as Germany’s biggest lender said it will report a loss for the fourth quarter after setting aside more money for litigation and restructuring costs. Marine Harvest ASA fell 2.6% after the world’s largest salmon farmer said quarterly profit declined.