By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- European stocks opened higher Wednesday, aiming for a win after two sessions of declines.

The Stoxx Europe 600 was up 0.2% at 334.50. The index on Tuesday gave up 0.3% as investors focused on concerns about valuations throughout global markets, and as tensions between Ukraine and Russia appeared to escalate.

The pan-European index found support from shares of Volkswagen AG and Ryanair Holdings following ratings upgrades for the auto maker and the air carrier. Ryanair shares were lifted 3.4% after an upgrade to overweight from equal weight at Barclays, which said it expects the company "will positively surprise on pricing, load factor and ancillaries this summer; we also expect a bounce-back in fares next winter."

Also emerging as a top advancer, Volkswagen AG shares rose 2.5% as Bernstein moved its rating up to outperform from market-perform. But rival auto maker BMW AG slipped 0.1% after its rating at Bernstein was downgraded market-perform. "Having been BMW bulls for a number of years," and "notoriously cautious" on Volkswagen, Bernstein said it's time it changed recommendations in part as expectations for VW have moderated.

BMW's stock is not expensive, said Bernstein. "However, much as we admire BMW, we believe in future years it may find growth harder to deliver as its products saturate every niche in the premium segment, as competition intensifies and as FX pressures build once hedges expire."

But on Wednesday, BMW reported it had its strongest-ever month in March as sales in China surged and European car markets recover.

Volkswagen was the best performing stock on the German DAX 30 , helping the index rise 0.2% to 9,513.95. France's CAC 40 gained 0.3% to 4,437.43.

Data out on Wednesday showed German exports fell 1.3% month-on-month in February, a reading weaker than expected. Imports were up 0.4%, on a seasonally adjusted basis, Germany's statistics office said.

In the U.K., the trade deficit narrowed to GBP2.1 billion ($3.5 billion) in February as both exports and imports dropped, the Office for National Statistics reported.

Meanwhile, the FTSE 100 picked up 0.2%, with shares of IMI PLC up 2.6% after the engineering company was upgraded to overweight from neutral at HSBC.

Meanwhile, Nigerian oil and gas firm Seplat Petroleum Development Company PLC priced its initial public offering for a listing on the London Stock Exchange at 210 pence a share ($1.67). The company will be the first to have a dual Nigeria/U.K. listing, and based on the offer price, Seplat's total market capitalization is about $1.91 billion.

Seplat produces around 60,000 barrels of oil a day from three oil blocks it purchased from Royal Dutch Shell PLC in 2010, The Wall Street Journal reported.

More news from MarketWatch:

Audi, FAW to launch plug-in hybrid sedan in China

Asia Markets live blog: Yen rise pressures Japanese stocks

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