European Shares Rebound from a Two-day Plunge

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European stocks gained on Wednesday after suffering their first back-to-back decline in more than three-weeks. US index futures remained more or less the same as Asian stocks outside Japan climbed.

Wirecard AG gained 6.7% as it made a dividend offer and had its stock upgraded to “buy” by Aufhaeuser Privatbankiers KGaA as it affirmed its earnings prospects for 2014. Indesit Co. SpA added 1.1% on reports from Il Sole 24 Ore that Whirlpool Corp. may propose to acquire the company.

The Stoxx Europe 600 Index increased 0.6% to 335.85 by 10:58 in London. The measure has declined 1% from a six-year peak it hit on April 4 as the region’s high-flying stocks suffered a huge sell-off and tensions heightened between the US and Russia over Ukraine’s future. The stock benchmark gauge has added 2.3% in 2014.

“We’re at a key point in the market when you need to assess whether you are paying what you should be paying. Companies’ earnings guidance, starting in the U.S., will be a good indicator of this,” Francois Savary, Reyl & Cie’s chief investment officer told Bloomberg by phone.

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The number of shares traded on Wednesday in Stoxx 600 was 13% below the 30-day average. The index’s trading by the close of yesterday stood at 14.6 times the estimated earnings of its listed companies.

Online payment provider Wirecard surged to trade at 30.31 euros, recovering from its biggest two-day plunge since October 2011. The company hiked its dividend proposal to 12 euro cents per share from 11 euro cents last year.

Indesit increased 1.1% to 11 euros. Without attribution, Il Sole 24 Ore reported that some members of the Merloni family, which owns the maker of ovens and fridges, would not mind a share offer to keep their business in operation.

As reported by NASDAQ, DAX of Germany went up 0.15% while France’s CAC increased 0.27%. DJ Euro Stoxx 50 added 0.30%.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com