Bulletin
Investor Alert

New York Markets Close in:

Europe Markets Archives | Email alerts

Sept. 27, 2016, 12:37 p.m. EDT

European stocks, suffering with oil, eke out gains in last-minute rebound

Oil sector, bank shares get knocked

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
    Deutsche Bank AG (DBK)
  • X
    Deutsche Bank AG (DB)

or Cancel Already have a watchlist? Log In

By Carla Mozee and Sue Chang, MarketWatch


Getty Images

European stocks closed fractionally higher Tuesday, rebounding at the last minute after being pressured most of the session by the energy sector after Iran poured cold water on hopes for an output cap at a meeting of major oil producers this week.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.10%  edged up less than a point to end at 340.19. The index had risen by as much as 0.7% early in the session as investors took heart from Hillary Clinton’s performance in the U.S. presidential debate Monday night but then had slid into negative territory before creeping back up.

The benchmark on Monday fell 1.6%, losing the most since early July, weighed on by a drop in oil shares and stock in Deutsche Bank /zigman2/quotes/205584254/delayed DE:DBK -0.45%   /zigman2/quotes/203042512/composite DB -1.80%  .

U.S. equities /zigman2/quotes/210599714/realtime SPX -0.73%   /zigman2/quotes/210598065/realtime DJIA +0.19%  were higher Tuesday as investors welcomed an apparent win for Democratic nominee Clinton over her Republican rival Donald Trump in their first presidential debate Monday night.

However, the “post-debate relief rally in overnight markets (call it the ‘thank goodness Trump didn’t say anything too inflammatory’ bounce) looks to be fizzling out in Europe and the U.K.,” said Chris Beauchamp, chief market analyst at IG, in a note. “The last 24 hours have been a reminder that volatility is back, as if a reminder were needed,” he added.

Oil slide: Part of that volatility stemmed from the oil market, where crude-oil prices /zigman2/quotes/209727031/delayed CLX26 0.00%  slumped more 3% after Iran and Saudi Arabia dampened expectations for a deal to curb oil output in an oversupplied global market.

Members of the Organization of the Petroleum Exporting Countries and those outside the cartel are meeting this week in Algiers, the capital of Algeria, at the International Energy Forum.

Among oil producers, shares in Spain’s Repsol SA /zigman2/quotes/202941606/delayed ES:REP +1.06%  was down 2.4% and OMV AG /zigman2/quotes/205851954/delayed XE:OMV +2.01%  lost 1.6%. In the oilfield and equipment group, Petrofac Ltd. /zigman2/quotes/202340229/delayed UK:PFC +6.57% shed 1.9% and France’s Technip SA  fell 1.7%.

The Stoxx Europe 600 Oil Index /zigman2/quotes/210599627/delayed XX:SXEP +0.09%  lost 1.4%.

Click to Play

The first U.S. presidential debate, in 3 minutes

Donald Trump and Hillary Clinton faced each other for the first time Monday in Hempstead, N.Y. Watch highlights of the presidential debate in three minutes.

Banks: Deutsche Bank shares finished unchanged but they had briefly turned higher in Frankfurt after the U.S. Justice Department’s third highest-ranking official said banks can lower penalties by cooperating with authorities, according to The Wall Street Journal. The German lender faces the prospect of paying up to $14 billion to settle civil claims in the U.S. related to the bank’s sale of mortgage-related securities.

Deutsche Bank shares are trading at record lows, edging closer to €10 a share. They’ve lost more than 50% this year.

Meanwhile, shares of Commerzbank AG /zigman2/quotes/200193353/delayed DE:CBK +2.28%  lost 2.2%. The decline came after Handelsblatt newspaper reported Germany’s second-largest bank is preparing to cut about 9,000 jobs as well as its dividend as part of restructuring efforts.

The Stoxx Europe 600 Banks Index /zigman2/quotes/210599339/delayed XX:SX7P +1.91%  fell 0.2%.

Indexes: Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX +0.0049%  retreated 0.3% to 10,361.48. There, Volkswagen AG shares /zigman2/quotes/204309985/delayed DE:VOW3 +0.17%  fell 2.1% after a Bloomberg report the U.S. Justice Department was calculating how much of a criminal fine it can impose on the car maker for cheating emissions without putting it out of business.

France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.0075%  reversed gains, losing 0.2% to 4,398.68. Spain’s IBEX 30 /zigman2/quotes/210597995/delayed XX:IBEX +0.94%  declined 0.3% to 8,688.20.

Italy’s FTSE MIB  dropped 1.6% to 16,192.48. The U.K’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.08%  fell 1.3% to 6,818.04.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.1727%  was buying $1.1205, down from $1.1252 late Monday.

/zigman2/quotes/210599654/delayed
XX : STOXX
445.39
+0.46 +0.10%
Volume: 0.00
May 10, 2021 5:53p
loading...
/zigman2/quotes/205584254/delayed
DE : Germany: Frankfurt
11.48
-0.05 -0.45%
Volume: 21,137
May 10, 2021 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€417,912
loading...
/zigman2/quotes/203042512/composite
US : U.S.: NYSE
$ 13.89
-0.25 -1.80%
Volume: 5.14M
May 10, 2021 3:47p
P/E Ratio
17.20
Dividend Yield
0.00%
Market Cap
$28.80 billion
Rev. per Employee
$449,141
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,201.58
-31.02 -0.73%
Volume: 1.75B
May 10, 2021 3:47p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,843.79
+66.03 +0.19%
Volume: 268.23M
May 10, 2021 3:47p
loading...
/zigman2/quotes/209727031/delayed
US : U.S.: Nymex
$ 53.63
0.00 0.00%
Volume: 0.00
May 7, 2021 5:05p
loading...
/zigman2/quotes/202941606/delayed
ES : Spain: Madrid
10.92
+0.11 +1.06%
Volume: 6.97M
May 10, 2021 5:38p
P/E Ratio
N/A
Dividend Yield
4.36%
Market Cap
€16.72 billion
Rev. per Employee
€1.40M
loading...
/zigman2/quotes/205851954/delayed
XE : Germany: Xetra
44.60
+0.88 +2.01%
Volume: 10,344
May 10, 2021 6:30p
P/E Ratio
7.04
Dividend Yield
4.15%
Market Cap
€14.44 billion
Rev. per Employee
€654,383
loading...
/zigman2/quotes/202340229/delayed
UK : U.K.: London
137.80 p
+8.50 +6.57%
Volume: 4.12M
May 10, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£434.26 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/210599627/delayed
XX : STOXX
259.49
+0.24 +0.09%
Volume: 0.00
May 10, 2021 5:53p
loading...
/zigman2/quotes/200193353/delayed
DE : Germany: Frankfurt
5.75
+0.13 +2.28%
Volume: 32,566
May 10, 2021 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€166,016
loading...
/zigman2/quotes/210599339/delayed
XX : STOXX
137.89
+2.59 +1.91%
Volume: 0.00
May 10, 2021 5:53p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,400.41
+0.76 +0.0049%
Volume: 65,162
May 10, 2021 6:30p
loading...
/zigman2/quotes/204309985/delayed
DE : Germany: Frankfurt
211.00
+0.35 +0.17%
Volume: 4,138
May 10, 2021 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€354,929
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,385.99
+0.48 +0.0075%
Volume: 76,551
May 10, 2021 6:05p
loading...
/zigman2/quotes/210597995/delayed
XX : Spain: Madrid
9,144.30
+85.10 +0.94%
Volume: 237.08M
May 10, 2021 5:38p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,123.68
-6.03 -0.08%
Volume: 686,185
May 10, 2021 4:54p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.2142
-0.0021 -0.1727%
Volume: 0.0000
May 10, 2021 3:47p
loading...

Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee. You can follow Sue Chang on Twitter at @SueChangMW.

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.