* STOXX 600 up 0.5 pct
* Miners rebound, track copper higher
* DKSH gains after upgrade
* Ocado, Luxury stocks fall (Recasts, adds detail and quote, updates prices)
By Kit Rees
LONDON, Sept 14 (Reuters) - European shares rose in early deals on Wednesday, breaking a four-day losing streak after markets sold off globally on the back of concerns about the effectiveness of central bank policy.
The STOXX 600 was up 0.5 percent, rebounding from one-month lows. Equities have been under pressure after the European Central Bank said last week an extension of its stimulus programme had not been discussed and amid speculation worries about a rate rise from the U.S. Federal Reserve next week.
Mark Dampier, head of research at Hargreaves Lansdown, said he expected markets to be nervous ahead of key meetings from the Fed and the Bank of Japan later in September.
“My view on the market is that it’s going to be pretty flat, possibly down, over the next few days while they wait for yet another ... macro-statistical event to come out,” he said.
European stocks’ recovery was led by a rise in basic resources shares, which were up 2.8 percent, benefiting from a rise in copper prices which firmed on the back of positive U.S. and Chinese economic data.
Swiss business support services firm DKSH was the top gainer, up 5.6 percent at more than a one-year high on the back of an upgrade from Credit Suisse to “outperform”.
Luxury stocks, however, came under pressure with France’s Hermes falling 7 percent after saying that it would no longer provide an annual sales growth forecast starting next year due to the uncertain trading environment.
Swiss watchmaker Richemont also fell after a disappointing update, down 3.7 percent, with shares in Swatch Group pulled lower as well.
Britain’s Ocado extended its losses from the previous session, down 6.6 percent after BNP Paribas cut its rating on the stock to “underperform”. Ocado fell on Tuesday after warning on margin pressure in its third-quarter update.
“With the next couple of years burdened by new distribution centre costs, we think earnings progression will fall short of market expectations. More importantly however, that weak earnings development may cause a potential new partner to return to their spreadsheet and think again,” analysts at BNP Paribas said in a note. (Reporting by Kit Rees, Editing by Vikram Subhedar/Jeremy Gaunt)