Stocks rise on upbeat earnings; Russia sanctions boost oil prices

Global stocks got a boost on Thursday from a slew of upbeat earnings that helped counter some of the gloom on Wall Street over a lacklustre showing from tech megacaps, while oil prices surged following US sanctions against Russia.

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Oil jumped 5% after Washington imposed sanctions on major Russian companies Rosneft and Lukoil over the Ukraine war.

European equities shook off overnight weakness in Asia and the US as a clutch of positive earnings boosted domestic indexes, leaving the STOXX 600 up 0.38 on the day.

However, MSCI's All-World index dipped 0.1%, heading for its third consecutive daily decline.

Chinese stocks closed up 0.3%, having recovered from a 1.1% drop after sources said the White House was considering a plan to curb an array of software-powered exports to China in retaliation against Beijing's latest round of rare earth export restrictions.