Stocks in Europe opened higher Wednesday, boosted by a strong finish on Wall Street and a modest rebound in oil prices.

The Stoxx Europe 600 was up 0.7% in early trade as Brent crude oil rose 0.4% to $46.69 a barrel. Oil had fallen in the previous session after Saudi Arabia said it sees no chance of a production cap at a meeting concluding later Wednesday in Algiers, but market participants appeared to take heart in the prospect of a more definitive plan to curb production at a meeting in November.

Europe's banking sector also showed signs of recovery following a rough start to the week, with shares of Deutsche Bank up 2.2%. The German lender is still down over 5.6% so far this week amid concerns about its capital position.

Earlier, Japan's Nikkei Stock Average fell 1.3%, leading wider Asian bourses lower. Investors were concerned about an earlier decline in the price of oil and the impact of negative interest rates on Japanese banks. Hong Kong's Hang Seng fell 0.4%, while shares in Australia were little changed.

In currencies, the dollar inched slightly higher against most major currencies including the yen and euro ahead of speeches from European Central Bank President Mario Draghi and Federal Reserve Chairwoman Janet Yellen later Wednesday.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

September 28, 2016 04:15 ET (08:15 GMT)