Bulletin
Investor Alert

New York Markets Open in:

Europe Markets Archives | Email alerts

Nov. 26, 2018, 10:22 a.m. EST

European stocks boosted by oil price rebound and hopes for Italy/EU thaw

BP, HSBC, UniCredit among the big gainers

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    DAX (DAX)
  • X
    CAC 40 Index (PX1)

or Cancel Already have a watchlist? Log In

By Emily Horton


Getty Images

A rebound in oil prices and hopes that the Italian government may be able to find some common ground with the European Union over its budget provided a boost to European stocks on Monday.

Confirmation of the deal between the U.K. and the EU at a summit on Sunday also gave U.K. listed banks a boost.

How are the markets performing?

All European markets rose on Monday, with the Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.13% gaining 0.8% at 356.76, after closing down 0.4% on Friday.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.85%  was up 1% to 11,312.05 the French CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 +1.51% gained 0.6% to 4,975.74 and the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.81% added 0.7% to around 7,000. Leaping ahead, the FTSE MIB Italy index /zigman2/quotes/210598024/delayed IT:I945 +1.94%  jumped 2.4% to 19,170.98.

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.3367%  rose to $1.2855 from a close of $1.2793 in New York late on Friday. The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.2933%  held steady at $1.1374 from $1.1339.

What is driving markets?

Reports that the Italian government is considering a lower deficit of 2%, down from 2.4% in its budget were well received by the markets, and helped lift the financial sector, notably in Italy. What remains unclear is whether the move will satisfy the European Union, which has threatened a disciplinary procedure over what it sees as a violation of its fiscal rules.

London banking stocks got an extra lift after EU leaders on Sunday endorsed British Prime Minister Theresa May’s proposed Brexit plan, though winning parliamentary approval remains a major hurdle for the embattled leader.

Read: Investors cheerful about Italy, Brexit for a change

What stocks are active?

Oil prices rebounded from some crushing losses last week, with some optimism ahead of next week’s OPEC meeting, and hopes for a possible cut to production. After making chunky losses on Friday. French oil company Total S.A /zigman2/quotes/206172043/delayed FR:FP +1.32%  rose 0.9%, Royal Dutch Shell PLC /zigman2/quotes/205095589/composite RDS.A +0.24%  added 1.4% and BP PLC /zigman2/quotes/207305210/composite BP -0.47%  climbed by 2%.

Heavyweight bank HSBC Holdings PLC /zigman2/quotes/208272822/composite HSBC -0.56%  was up by nearly 3%. Italian banks sprinted ahead with UniCredit SpA /zigman2/quotes/200769686/delayed IT:UCG +5.73%  gaining 5% and Unione de Banche Italian SpA /zigman2/quotes/200732627/delayed IT:UBI +3.35%  up 4.4%.

/zigman2/quotes/210599654/delayed
XX : STOXX
365.28
+4.09 +1.13%
Volume: 0.00
July 2, 2020 11:33a
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,487.28
+226.71 +1.85%
Volume: 29,213
July 2, 2020 11:33a
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,001.58
+74.64 +1.51%
Volume: 29,776
July 2, 2020 11:33a
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,208.11
+50.15 +0.81%
Volume: 203,677
July 2, 2020 10:33a
loading...
/zigman2/quotes/210598024/delayed
IT : Borsa Italiana
19,705.04
+374.16 +1.94%
Volume: 0.00
July 2, 2020 11:33a
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2517
+0.0042 +0.3367%
Volume: 0.0000
July 2, 2020 5:48a
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1286
+0.0033 +0.2933%
Volume: 0.0000
July 2, 2020 5:48a
loading...
/zigman2/quotes/206172043/delayed
FR : France: Euronext Paris
34.61
+0.45 +1.32%
Volume: 1.62M
July 2, 2020 11:33a
P/E Ratio
12.51
Dividend Yield
7.63%
Market Cap
€87.87 billion
Rev. per Employee
€1.59M
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 32.77
+0.08 +0.24%
Volume: 5.52M
July 1, 2020 4:00p
P/E Ratio
13.54
Dividend Yield
8.14%
Market Cap
$120.89 billion
Rev. per Employee
$4.75M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 23.21
-0.11 -0.47%
Volume: 7.64M
July 1, 2020 4:00p
P/E Ratio
19.41
Dividend Yield
10.64%
Market Cap
$76.30 billion
Rev. per Employee
$4.03M
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 23.20
-0.13 -0.56%
Volume: 3.68M
July 1, 2020 4:00p
P/E Ratio
25.96
Dividend Yield
4.29%
Market Cap
$95.27 billion
Rev. per Employee
$366,224
loading...
/zigman2/quotes/200769686/delayed
IT : Italy: Milan
8.58
+0.47 +5.73%
Volume: 10.55M
July 2, 2020 11:28a
P/E Ratio
5.90
Dividend Yield
0.00%
Market Cap
€18.32 billion
Rev. per Employee
€80,793
loading...
/zigman2/quotes/200732627/delayed
IT : Italy: Milan
2.99
+0.10 +3.35%
Volume: 3.77M
July 2, 2020 11:28a
P/E Ratio
12.94
Dividend Yield
0.00%
Market Cap
€3.30 billion
Rev. per Employee
€232,018
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.