European Stocks Swing as Oil Prices Inch up
By Modupe Gbadeyanka
It was observed on Monday that European stocks are holding steady as oil prices jumped on talk of supply cuts being extended into 2018 and weak US data raised a question mark over the extent of Fed tightening.
While the UK’s FTSE 100 Index has inched up by 0.1 percent, the French CAC 40 Index and the German DAX Index are both down by 0.1 percent.
Higher oil prices have helped lift commodity-related stocks, with Anglo American, Antofagasta, Glencore, Royal Dutch Shell and Tullow Oil all climbing. Mining giant BHP Billiton has advanced after launching a global rebranding exercise.
RWE shares have rallied after the German utility confirmed its optimistic forecast for 2017 after posting a first quarter core profit slightly above expectations.
Italy’s Atlantia has also moved higher after it launched a €16.3 billion cash-and-share offer for Spanish rival Abertis.
Meanwhile, Renault shares have dropped after the French carmaker stopped production at several sites on Saturday after being affected by Friday’s ransomware attack.
Media giant Vivendi has slid marginally after it made a £2.3 billion offer to acquire a 60 percent stake in French advertising group Havas.