European stocks rallied on Thursday, as easing oil and gas prices offered relief to investors worried about runaway inflation, while positive earnings updates in the construction and materials sector added to the upbeat sentiment. The pan-European STOXX 600 index rose 1.0 percent to reverse weekly losses, with buying seen across sectors barring oil & gas. Stock market volatility has spiked in the recent weeks on concerns about soaring energy prices spurring inflation and interest rates, debt problems at property developer China Evergrande and risks from tighter monetary policies. However, oil prices dropped for a second session after an unexpected rise in U.S. crude stocks, while European gas futures fell back from record highs. “The moves we’ve seen over the past couple of days have been somewhat extreme—gas prices, oil prices, some of the commodities, and the threats of stagflation,” said Stuart Cole, head of macro economics at Equiti Capital. “You’re …
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