European shares closed up over one percent having spent much of the day in the red.
They turned around after the release of new figures showing US consumer confidence rose to its highest in eight months in May. That pushed up Wall Street and outweighed investors’ worries about the increased political risk from North Korea’s missile launches and nuclear bomb test. The US consumer data also perked up European retailers like Tesco and Ahold. Oil companies gained – including Total, ENI, BP and Royal Dutch Shell – after the price of crude pared earlier losses against getting close to near its highest levels in six months. That came as the Saudi Arabian Oil Minister Ali al-Naimi said there was already a slight “uptick” in fuel consumption.