By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets rebounded from
sharp losses on Tuesday, as investors waited for fresh U.S. housing
and confidence data to gauge if the U.S. economy is recovering from
the extreme winter. Soft German business-confidence data didn't
ruin the positive trading mood.
The Stoxx Europe 600 index gained 0.7% to 326.74, partly
recovering from its biggest one-day percentage drop in more than
two weeks, posted on Monday.
Investors in Europe largely ignored weaker-than-expected German
business-confidence numbers, with the Ifo business-climate survey
falling to 110.7 in March. The Ifo Institute said confidence among
businesses in Europe's largest economy was bruised by the tensions
in Ukraine's Crimea region and the weakness in emerging-market
economies.
Instead the pan-European benchmark was buoyed by shares of
Kingfisher PLC , which gained 3.4% after the do-it-yourself
retailer reported a 5% rise in fiscal full-year adjusted earnings
per share and said it will return 200 million pounds ($330 million)
to shareholders in fiscal 2015.
EasyJet PLC climbed 4.8% after the budget carrier raised its
first-half guidance, citing benefits from cost cuts and its focus
on strategic priorities.
In Amsterdam, PostNL NV rallied 6.9% to 3.29 euros ($4.55) after
J.P. Morgan Cazenove lifted the courier to overweight from neutral.
The analysts said the recent pullback in the share price appeared
overdone, with the new price target of EUR4.20, down from EUR4.55,
implying 37% upside potential.
Germany's DAX 30 index climbed 0.8% to 9,260.58, while the
U.K.'s FTSE 100 index advanced 1% to 6,586.23. France's CAC 40
index gained 0.8% to 4,310.28.
Later in the day, attention turns to the U.S., where a raft of
data will signal whether the housing market is recovering from the
harsh conditions this winter. The S&P/Case-Shiller 20-city
composite and the FHFA house-price index, will likely show muted
moves in January, when then are released at 1 p.m. in London, or 9
a.m. Eastern Time. New-home sales and consumer confidence data are
on tap at 2 p.m. in London.
U.S. stock futures pointed to a higher open on Wall Street.
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