Europe Markets: European stocks set to break string of losses as oil recovers

European stocks drifted higher Wednesday, on track to break their longest losing streak in about a month, as oil prices recovered from a selloff.

But luxury stocks, including Cartier’s parent Cie. Financière Richemont SA, were driven lower after downbeat updates from the sector.

The Stoxx Europe 600 SXXP, +0.28% was up 0.5% at 340.23 with only the telecommunications sector was showing a loss. A win on Wednesday would be its first in four sessions.

The pan-European index on Tuesday dropped 1%, weighed by pressure on the oil and gas sector SXEP, +0.34% as crude prices slumped sharply, and by worries about a U.S.

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