European stocks bounce back from 3-day selloff

Bloomberg

European stocks rallied on Wednesday as earnings reports from Siemens AG and Volvo AG boosted industrial shares, while positive data from China and the U.S. helped lift shares most sensitive to economic growth.
The Stoxx Europe 600 Index advanced 0.9 percent at the close. The benchmark is rebounding after capping its worst three-day drop since the week before the U.S. election amid investor jitters about some of President Donald Trump’s decisions. The Euro Stoxx 50 Index of euro-area equities added 0.9 percent on Wednesday, bouncing off its 50-day moving average, a key support level.
Volvo rose 4.7 percent after its fourth-quarter truck orders jumped and earnings beat estimates, while Siemens climbed 5.6 percent after Europe’s biggest engineering company raised its full-year outlook. Data showed China’s factory sector started the new year on a strong note, while a private report on U.S. employment showed companies last month added the most workers to payrolls since June. Stoxx 600 miners added 1.6 percent, after their biggest two-day drop since November. Carmakers and banks also advanced. Investors’ focus will later turn to the U.S. Federal Reserve policy decision, with officials expected to keep rates on hold as they weigh the economic outlook and assess how the new president’s policies will influence jobs and inflation