European stocks turn positive, oil shares still in red

Stock markets in Europe recovered early losses to trade positive as rise in banking shares overshadowed the losses in energy and mining shares.

At the time of writing, Stoxx 50 index was up 0.60%. Stoxx 600 index was trading 0.5% higher as well. Germany’s DAX and France’s CAC were up 1% and 0.16% respectively. Meanwhile, UK’s mining heavy FTSE index was up 0.12%.

Norway’s Seadrill and Subsea 7 were down 3.9% each. In London, shares in Glencore, Tullow Oil and Anglo American were down at least 2% each. In Germany, Bayer AG and Morphosys AG were up 4% each.

Early weakness was largely due to oil prices, which traded more than 1% lower on the day after US oil rig data on Friday added to concerns about a global oversupply of the commodity.

Stock markets in Europe recovered early losses to trade positive as rise in banking shares overshadowed the losses in energy and mining shares.

(Market News Provided by FXstreet)