European stocks rise as oil, basic resources sectors lead gains
Date
9/12/2024 4:50:23 AM
(MENAFN) European Stocks experienced a positive start on Wednesday, buoyed by strong performances in the oil and basic resources sectors. The pan-European STOXX 600 index saw a 0.3 percent increase by 0710 GMT, with all local indices showing gains. The oil and gas sector led the charge, rising by 1.2 percent as concerns over potential disruptions to production in the U.S. caused by Hurricane Frances overshadowed worries about global demand. Similarly, the basic resources sector advanced by 1.6 percent, supported by a rise in copper prices due to a weaker dollar.
Investors are eagerly awaiting U.S. consumer price data, scheduled for release at 1230 GMT, which is expected to provide insights into the Federal Reserve's likely decisions at its upcoming meeting. In the UK, the FTSE 100 index rose by 0.4 percent, following data that showed no change in gross domestic product (GDP) for July on a monthly basis. Attention is also focused on remarks from European Central Bank officials later in the day.
Notable stock movements include a significant 15.7 percent surge in Commerzbank shares, driven by Italy's UniCredit acquiring a 9 percent stake in the German bank for 702 million euros (USD775.29 million). Conversely, shares of Rentokil plummeted by over 16 percent after the British pest control company announced job cuts and reported a slowdown in revenue from North America.
MENAFN12092024000045015682ID1108665522
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.