European Factors to Watch-Shares set for rebound, helped by banks and oil
LONDON Feb 12 (Reuters) - European stocks were seen rising on Friday, rebounding from the previous session's steep losses, with encouraging results from Commerzbank and a rally in oil prices expected to support banks and commodity-related stocks, and ease concerns over a slowdown in global growth.
The pan-European FTSEurofirst 300 closed down 3.7 percent on Thursday, and is down 6.8 percent for the week, with a slump in banks and resource-related stocks pushing the index to a 2-1/2 year low.
Commerzbank looked set to bring relief to the embattled banking sector, and was indicated up 10 percent after it returned to profit in the fourth quarter as provisions for bad loans fell. That allowed it to draw a line under a six-year restructuring by announcing to close its 'bad bank' comprising non-core assets.
Crude oil prices jumped more than 5 percent on Friday after comments by an OPEC energy minister sparked hopes of a coordinated production cut.
Futures on the Euro STOXX, Germany's DAX, France's CAC and Britain's FTSE were up 0.4-1 percent by 0704 GMT.
Asian markets broadly fell on Friday, with Japan's Nikkei down over 5 percent, having been closed for a holiday when other markets dropped substantially on Thursday.
Traders said that the rally in oil prices would be key for restoring sentiment in equity markets, as well as calming jitters that have been developing in credit.
"Price action in Europe and the US here will be key and a move higher in oil will certainly put a bid in equities and cause a narrowing of credit spreads," Chris Weston, market analyst at IG, said in a note.