LONDON (Reuters) - Encouraging results and a recovery among industrials helped European stock markets on Thursday, while earnings disappointments weighed heavily on some stocks including Germany's Deutsche Bank .

The STOXX 600 (STOXX) inched up 0.2 percent in early deals, enjoying a timid bounce from the one-week lows hit in the previous session when anxiety over rising bond yields jolted risky assets.

Bank earnings were also a key focus.

Deutsche Bank (DE:DBKGn) fell 2.6 percent after the bank said it would scale back its bond and equities trading in a major overhaul of its investment bank, after reporting a 79 percent drop in net profit in the first quarter.

The stock is down more than 27 percent year-to-date, the worst-performing of the European banks sector (SX7P).

Norway's largest bank, DNB (OL:DNB), jumped 6.2 percent meanwhile after profit beat expectations as a pick-up in activity in the oil sector wiped the bank clean of loan losses.

Among notable gainers, Finnish oil refining firm Neste (HE:NESTE) topped the STOXX, jumping 11.5 percent after reporting first-quarter sales comfortable topped analysts' estimates.

Oil majors moved in opposite directions after results.

France's Total (PA:TOTF) gained 0.8 percent after it reported record production lifted profits, while Royal Dutch Shell (L:RDSa) declined 1.8 percent despite reporting a 42 percent rise in first-quarter profit.

German forklift maker Kion blamed a slowing in the market for weaker than expected first-quarter order intake. Its shares tumbled 8 percent.

Shares in Philips Lighting (AS:LIGHT), the world's largest lighting maker, fell 8.4 percent after the firm reported lower than expected first-quarter earnings due to falling sales and margins, especially in its U.S. market.

BE Semiconductor Industries (AS:BESI) sank 9 percent to the bottom of the STOXX 600 after its results. Semiconductors across Europe have been under pressure recently as sentiment on the tech sector turns more pessimistic.