With the Libyan civil war apparently approaching the end-game, the price of oil has dipped while equities have clawed back a fraction of their recent losses.

Reports indicate that rebel troops have been able to occupy nearly all of Tripoli, settling in key places such as Green Square. Rebels have also taken control of public radio and television.

On the other hand, between 15% and 20% of Tripoli remains under control of Gaddafi forces, as affirmed by a rebel spokesperson to television network Al Yazira.

The oil sector is up on hopes that the rebels' successes will lead to a resumption of oil production from Libya in the near future. It is the best-performing sector on the Stoxx600, with oil producers such as Repsol, Total and Eni higher.

The price of Brent Crude fell $1.45 (1.33%) in morning trading to $107.17 a barrel.

The DAX in Frankfurt has joined the party, having initially opened on the back foot. It is now up 24 at 5,504. In Paris the CAC is up 46 at 3,063 while in Milan the MIB races ahead to 14,967, up 365 points.

Broker Nomura reckons that European stocks look "oversold at current levels".

"On some measures European stocks are now trading on similar valuations to those that prevailed in early 2009, while others are fast approaching that point," the broker notes, adding "We do not think the fundamentals are as severe as they were back then."

"That said, within the market, the most cyclical sectors still trade on above normal multiples and are vulnerable to further underperformance," the Japanese broker suggested.

Italian energy company Enel Green Power has been awarded three new wind-power farm projects in northeast Brazil, specifically in the States of Bahia, Pernambuco, and Rio Grande do Norte. The latter project will be realized as part of a consortium group with Endesa.

Danish lender Jyske Bank disappointed with its second-quarter earnings figures. Net income of DKr.88m was well below the DKr.260m the market had been expecting.

CAC 40 - Risers
Total (FP) € 33.09 +3.44%
Sanofi (SAN) € 48.99 +3.10%
Technip (TEC) € 60.62 +2.68%
GDF Suez (GSZ) € 19.98 +2.54%
Pernod Ricard (RI) € 58.17 +2.38%
Alstom (ALO) € 30.41 +2.13%
Danone (BN) € 46.22 +2.03%
EDF (EDF) € 20.60 +1.95%
Vallourec (VK) € 56.52 +1.89%
Essilor International (EI) € 52.82 +1.66%

CAC 40 - Fallers
Michelin (ML) € 46.01 -1.78%
ST Microelectronics (STM) € 4.19 -1.58%
Renault (RNO) € 25.04 -1.53%
Natixis SA (KN) € 2.86 -1.07%
Alcatel-Lucent (ALU) € 2.37 -0.80%
Lafarge (LG) € 27.44 -0.63%
Credit Agricole (ACA) € 6.09 -0.57%
AXA (CS) € 10.24 -0.39%
Air Liquide (AI) € 83.64 -0.26%
LVMH (MC) € 107.30 -0.19%

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