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May 9, 2018, 12:42 p.m. EDT

European equities climb to 3-month high, boosted by gains for oil stocks

Analyst: ‘The reason why the broader sentiment was not affected could be Trump’s willingness to enter talks’

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By Victor Reklaitis and Carla Mozee, MarketWatch

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Stocks in focus

Among energy stocks, French oil producer Total /zigman2/quotes/206172043/delayed FR:FP -0.31%  rose 1.9%, while Royal Dutch Shell PLC /zigman2/quotes/206428183/delayed UK:RDSA -0.89% /zigman2/quotes/207682964/composite RDS.B -0.46%  surged 3.4% and BP PLC /zigman2/quotes/207305210/composite BP -1.71%  moved up by 3.9%.

Those stocks climbed as oil benchmarks  rose by nearly 3% during the session.

Airbus SE shares /zigman2/quotes/208224336/delayed FR:AIR -1.12%  fell 1.1% following Trump’s policy announcement.

“The U.S. decision to pull out of the Iran Nuclear Agreement means that U.S. licenses will no longer be granted to sell commercial aircraft to Iran. This will impact both Airbus and Boeing, who both announced deals with IranAir and Aseman in the wake of the agreement being signed in 2015,” said Robert Stallard, who covers global aerospace & defense at Vertical Research Partners, in a note.

Airbus is talking with United Airlines about replacing its old 767 fleet, according to a Reuters report on Tuesday , and that could offset the impact the sanctions would have on the Airbus’ deal with Iran, said Stallard. United is also talking to Boeing about replacing its aging 767 fleet, the report added.

Read: U.S. out of Iran deal — Boeing will lose out on $20 billion in business

On the earnings front, Siemens AG shares /zigman2/quotes/200873563/delayed DE:SIE -0.38% /zigman2/quotes/204584405/delayed SIEGY +0.10%  leapt 3.9% after the industrial conglomerate posted a rise in quarterly profit.

Bper Banca SpA /zigman2/quotes/200216094/delayed IT:BPE +0.08%  rallied 8.3%, topping the Stoxx 600, following first-quarter results from the Italian lender.

Meanwhile, Burberry Group PLC shares /zigman2/quotes/205386705/delayed UK:BRBY +3.27%   /zigman2/quotes/203108786/delayed BURBY +2.93%  tumbled 6.1% after Belgian holding company Groupe Bruxelles Lambert /zigman2/quotes/206932604/delayed BE:GBLB +0.86% said it sold its entire 6.6% stake in the British luxury goods maker. GBL, run by Belgian billionaire Albert Frère, said the move allows it to further rebalance its portfolio. GBL shares were down 1%.

Novartis AG /zigman2/quotes/203286410/delayed CH:NOVN -0.94%   /zigman2/quotes/203243705/composite NVS -0.09%  ended down by less than 0.1%. The Swiss drugmaker is among the companies reacting to reports that they made payments to a consulting company created by Michael Cohen, Trump’s personal lawyer. Novartis essentially said its deal with Cohen’s Essential Consultants has nothing to do with its current management team.

Read: Drugmaker Novartis ties payments made to Trump’s lawyer to former CEO

Click to Play

Will Trump's Iran Bet Pay Off?

After President Donald Trump's big gamble to pull the U.S. out of the Iran nuclear deal, the focus now shifts to Tehran, the Iranian people and America's allies. Gerald F. Seib explains the high stakes. Photo: Getty

/zigman2/quotes/206172043/delayed
FR : France: Euronext Paris
32.67
-0.10 -0.31%
Volume: 6.90M
May 22, 2020 5:37p
P/E Ratio
8.60
Dividend Yield
8.08%
Market Cap
€84.50 billion
Rev. per Employee
€1.59M
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/zigman2/quotes/206428183/delayed
UK : U.K.: London
1,292.60 p
-11.60 -0.89%
Volume: 5.65M
May 22, 2020 4:35p
P/E Ratio
13.34
Dividend Yield
4.06%
Market Cap
£100.61 billion
Rev. per Employee
N/A
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/zigman2/quotes/207682964/composite
US : U.S.: NYSE
$ 30.34
-0.14 -0.46%
Volume: 4.41M
May 22, 2020 4:00p
P/E Ratio
7.77
Dividend Yield
4.22%
Market Cap
$56.12 billion
Rev. per Employee
$4.75M
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 22.98
-0.40 -1.71%
Volume: 7.94M
May 22, 2020 4:00p
P/E Ratio
19.21
Dividend Yield
10.88%
Market Cap
$76.99 billion
Rev. per Employee
$4.03M
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/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
54.04
-0.61 -1.12%
Volume: 3.01M
May 22, 2020 5:38p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€42.32 billion
Rev. per Employee
€476,596
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/zigman2/quotes/200873563/delayed
DE : Germany: Frankfurt
93.54
-0.36 -0.38%
Volume: 2,492
May 22, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€219,884
loading...
/zigman2/quotes/204584405/delayed
US : U.S.: OTC
$ 51.35
+0.05 +0.10%
Volume: 158,649
May 22, 2020 3:59p
P/E Ratio
14.29
Dividend Yield
3.04%
Market Cap
$83.47 billion
Rev. per Employee
$259,582
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/zigman2/quotes/200216094/delayed
IT : Italy: Milan
1.86
+0.0015 +0.08%
Volume: 6.17M
May 22, 2020 5:35p
P/E Ratio
2.72
Dividend Yield
0.00%
Market Cap
€969.60 million
Rev. per Employee
€207,847
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/zigman2/quotes/205386705/delayed
UK : U.K.: London
1,420.00 p
+45.00 +3.27%
Volume: 2.81M
May 22, 2020 4:35p
P/E Ratio
47.94
Dividend Yield
0.80%
Market Cap
£5.73 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203108786/delayed
US : U.S.: OTC
$ 17.54
+0.50 +2.93%
Volume: 875,465
May 22, 2020 3:48p
P/E Ratio
47.28
Dividend Yield
2.84%
Market Cap
$7.08 billion
Rev. per Employee
$347,421
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/zigman2/quotes/206932604/delayed
BE : Belgium: Euronext Brussels
68.38
+0.58 +0.86%
Volume: 125,585
May 22, 2020 5:35p
P/E Ratio
15.26
Dividend Yield
3.22%
Market Cap
€10.68 billion
Rev. per Employee
N/A
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/zigman2/quotes/203286410/delayed
CH : Switzerland: SWX
CHF 82.18
-0.78 -0.94%
Volume: 6.03M
May 22, 2020 5:31p
P/E Ratio
15.79
Dividend Yield
3.59%
Market Cap
CHF181.18 billion
Rev. per Employee
CHF405,818
loading...
/zigman2/quotes/203243705/composite
US : U.S.: NYSE
$ 84.91
-0.08 -0.09%
Volume: 1.36M
May 22, 2020 4:00p
P/E Ratio
16.79
Dividend Yield
2.36%
Market Cap
$192.32 billion
Rev. per Employee
$415,614
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Victor Reklaitis is a London-based markets writer for MarketWatch. Follow him on Twitter @VicRek. Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee.

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