• November 28, 2023

Oil gains boost energy stocks in Europe, but markets tread water along with U.S. stock futures

European stocks struggled for gains on Wednesday, with energy companies booming as oil prices swung to two-year highs. US stock futures have been flat as investors continue to wait for job data due later this week.

The Stoxx Europe 600
SXXP, + 0.18%
rose 0.1% to 450.67 while the French CAC 40
PX1, + 0.09%
was flat together with the German DAX
DAX, + 0.08%.
The FTSE 100 index
UKX, + 0.29%
increased by 0.4%.

The winners included stocks in heavily weighted energy companies. Inventory of TotalEnergy
AN, + 2.29%

FP, +1.76%,
formerly known as Total, up 1.6%. In London shares in Royal Dutch Shell
RDSA, + ​​1.47%

RDS.A, + 2.54%
climbed 1.9% and BP
BP, + 3.01%

BP, +1.29%
increased by 0.7%.

These gains came as US and global benchmark prices settled at the highest level for more than two years on Tuesday after the Organization of Petroleum Exporting Countries and its allies agreed to maintain a plan to gradually increase oil production through July. West Texas Middle School
CL.1, + 0.47%
and Brent crude oil prices
BRN00, +0.61%
were above these record levels on Wednesday.

US stock futures
ES00, -0.11%

YM00, -0.02%

NQ00, -0.20%
remained flat as investors sidelined for the remainder of this week ahead of the data that will bring important employment news. On Tuesday, the Dow Jones Industrial Average
DJIA, + 0.13%
rose for a fourth day in a row, but the S&P 500
SPX, -0.05%
and Nasdaq Composite
COMP, -0.09%
Indexes slipped after US manufacturing data revealed labor shortages and supply bottlenecks.

Ahead of a sharp surge in US attitudes expected in May, concerns about inflation and how the Federal Reserve might deal with it simmered in the background. Elsewhere, producer price data for the euro zone for April is ahead.

“Wednesday could be a day when the markets tread on the spot and save their energy for the labor market-oriented sessions in the US on Thursday and Friday, the jobless claims or a note.

Among the stocks in motion are the stocks of the Interpump Group
IP, + 6.18%
led the list of winners for the Stoxx 600, up 7% after the Italian manufacturer of high pressure water pumps announced the signing of a binding agreement for the purchase of the White Drive Motors & Steering division from the Danish engineering company Danfoss Group.

Wizz Air shares
WIZZ, -1.68%
down 2% after the low-cost Central and Eastern European airline posted a pre-tax loss for fiscal 2021 as revenue declined due to the impact of the COVID-19 pandemic on air travel. The company warned it could record a net loss for fiscal 2022 if restrictions are not lifted quickly and permanently.

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