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U.K. Stocks Rebound as HSBC Advances

U.K. stocks rebounded from their lowest level in almost a month as gains in banks and energy companies outweighed further evidence of China’s economic slowdown.

HSBC Holdings Plc led lenders higher, rising 1.6 percent.

Premier Oil Plc led oil-and-gas gains, jumping 12 percent after saying that production is ahead of its 2015 guidance. BBA Aviation Plc slid 4.5 percent after agreeing to buy Carlyle Group LP’s Landmark Aviation for $2.07 billion. Glencore Plc fell for a fifth day, losing 2.2 percent.

The FTSE 100 Index climbed 0.5 percent to 5,965.2 at 8:33 a.m. in London.

Shares slid yesterday amid a global selloff exacerbated by concerns over international growth prospects and a tumble in European carmakers following the emission-test cheating scandal at Volkswagen AG.

The broader FTSE All-Share Index added 0.4 percent today, while Ireland’s ISEQ Index slipped 0.6 percent.

China’s preliminary Purchasing Managers’ Index from Caixin Media and Markit Economics dropped to the lowest level in 6 1/2 years, missing estimates, and underscoring challenges facing the economy as its old growth engines splutter.

Source: Bloomberg