Europe stocks up early after sell-off

PARIS (BestGrowthStock) – European stocks edged higher in early trade on Friday, halting a sharp two-day retreat sparked by grim U.S. data that had brought back fears of a double-dip recession at the forefront of investors’ minds.

Recently-hammered energy shares featured among the top gainers, buoyed by mergers and acquisitions hopes, with Total (TOTF.PA: ) up 0.6 percent and Repsol (REP.MC: ) up 0.7 percent.

Dana Petroleum Plc (DNX.L: ) surged 5.7 percent after state-run Korea National Oil Corp (KNOC) unveiled a hostile $2.9 billion takeover bid for the British oil explorer.

At 0707 GMT, the FTSEurofirst 300 (.FTEU3: ) index of top European shares was up 0.3 percent at 1,039.25 points, after dropping nearly 2 percent in two days.

“The latest data out of the U.S. sparked a flight to quality by reviving fears of a double-dip recession, with investors seeking refuge into safer government debt,” Louis Capital analyst Bertrand Michaud said. “But we’ll have to wait until the fall to get a clear picture on the economic outlook.”

(Reporting by Blaise Robinson)

Europe stocks up early after sell-off