European stocks extend rally on oil rebound, corporate news

The sentiment around the European stocks remains lifted on the back of a rebound in oil prices and upbeat regional corporate earnings reports.

Moreover, a better-than expected German ZEW economic sentiment data combined with a positive close on the Asian equities, further bolstered investors’ appetite for risk.

Most European indices hover near 2016 highs

Germany's DAX 30 index rose 2.28% to trade at 10,351, while the UK's FTSE 100 index climbed 0.62% to 6,393. Among the other indices, the French CAC 40 index hiked 1.26% to 4,563, while the pan-European Euro Stoxx 50 index increased 1.47% to 3,113.

On the corporate news front, the shares of the Swiss pharma company Roche rose over 1% on the back of a boost in the quarterly revenue. French food company Danone and cosmetics maker L’Oreal SA jumped 3.5% after their sales beat forecasts. Tullow Oil Plc led gains in energy shares as crude rose for the first time in five days.