European stocks positive after two days of declines

On Thursday European stocks rose after two days of declines, as a bout of profit taking petered out. The dollar advanced and Treasuries steadied as progress continued toward negotiating a final U.S. tax bill with Republican lawmakers.

Telecoms and travel shares led the Stoxx Europe 600 higher, although basic resource stocks underperformed. Asian equities were mixed, with stocks rising in Japan, Hong Kong and Australia and falling in China and South Korea. The MSCI Asia Pacific Index was up after falling for eight consecutive days, helping emerging-market equities steady. Core European bonds declined while those on the periphery edged higher as German industrial output unexpectedly shrunk for a second month. The euro was little changed. Sterling recovered ahead of another U.K. government proposal to solve the Irish border impasse in Brexit negotiations. Gold declined to the lowest in four months.

Elsewhere, West Texas oil traded near $56 a barrel after falling the most in two months on Wednesday as U.S. gasoline stockpiles expanded more than expected. The Australian dollar dropped to the lowest since June after October trade data missed estimates.

The Stoxx Europe 600 Index climbed 0.3 percent as of 10:38 a.m. London time, the highest in more than a week. The U.K.’s FTSE 100 Index increased 0.1 percent to the highest in more than a week. Germany’s DAX Index advanced 0.6 percent to the highest in more than two weeks. Japan’s Nikkei 225 Stock Average climbed 1.4 percent. The MSCI Asia Pacific Index jumped 0.4 percent. The MSCI Emerging Market Index gained 0.1 percent. Futures on the S&P 500 Index advanced 0.2 percent to 2,634.50.

West Texas Intermediate crude gained 0.5 percent to $56.25 a barrel. Gold fell 0.6 percent to $1,255.33 an ounce, the weakest in more than 19 weeks. Copper gained 0.6 percent to $2.98 a pound.