By Sara Sjolin, MarketWatch

ARM Holdings shares slide after earnings

U.K. stocks jumped on Wednesday and rebounded from a three-year low, with investors picking up beaten down stocks after a three-day selloff.

The FTSE 100 index rose 1% to 5,688.22, after a choppy start to the day. The London benchmark on Tuesday marked its weakest closing level since Nov. 16, 2012 as investors dumped so-called risk assets on worries over the persistent slump on oil prices and slowing global growth.

Read: Cheap oil may trigger a new era of OPEC dominance, warns IEA (http://www.marketwatch.com/story/cheap-oil-for-longer-may-trigger-a-new-era-of-opec-dominance-warns-iea-2016-02-09)

Oil prices rebounded a bit on Wednesday (http://www.marketwatch.com/story/oil-hovers-above-28-a-barrel-as-market-braces-for-more-supply-data-2016-02-10), but not enough to broadly lift shares in the energy industry.

"Crude oil prices may be ticking higher, but they are still in what could be termed 'distressed' territory below $30 a barrel," said Tony Cross, market analyst at Trustnet Direct, in a note.

Shares of Tullow Oil PLC (TLW.LN) slumped 10% after the oil and exploration company reported a loss for the year (http://www.marketwatch.com/story/tullow-loss-narrows-for-2015-on-lower-write-offs-2016-02-10), albeit it narrowed compared to 2014.

BP PLC (BP.LN) (BP.LN) fell 0.3%, while Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) climbed 1.4%.

Mining shares posted some of the biggest losses in the FTSE on Wednesday, tracking losses for all major metals. Shares of Glencore PLC (GLEN.LN) (GLEN.LN) fell 3.2%, Fresnillo PLC (FRES.LN) lost 3.1%, and BHP Billiton PLC (BLT.LN)(BHP.AU) (BHP.AU) dropped 0.8%.

Among other fallers, shares of computer-chip designer ARM Holdings PLC (ARMH) (ARMH) lost 1.8% even as the Apple supplier (AAPL) reported a rise in profit (http://www.marketwatch.com/story/apple-supplier-arms-pretax-profit-up-17-2016-02-10).

On the data front, U.K. industrial production fell more than expected in December (http://www.marketwatch.com/story/uk-industrial-production-surprises-with-11-dip-2016-02-10), dropping 1.1% on the month, compared with estimates of a 0.2% decline.

You're invited to Investing Insights: A global markets survival guide

If you'll be in London on Tuesday, Feb. 23, you're invited to join us for an evening of cocktails and conversation on the topics of shifting monetary policy, growth, currencies, and the outlook for investing opportunities and risks in European and global markets.

Our panelists for the evening will include MarketWatch Personal Finance and Investing Columnist Robert Powell; and Mark Hulbert, Editor of the Hulbert Financial Digest.

The event is free and open to the public, but reservations are required. For more information or to RSVP for the event, please email (MarketWatchevent@wsj.com).

 

(END) Dow Jones Newswires

February 10, 2016 07:28 ET (12:28 GMT)

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