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Indonesia News Portal for Traders | Financial & Business Updates

29 October 2024 11:01  |

European markets close higher Oil and gas stocks retreat

European markets closed higher Monday, gaining ground through the afternoon as investors reviewed the geopolitical situation in the Middle East.

The pan-European Stoxx 600provisionally ended the session 0.47% higher after some choppiness earlier on.

Media and construction stocks added 1.6% and 2%, respectively, while oil and gas stocks fell 1.4%, tracking oil prices lower.

Market participants are digesting a cooling geopolitical situation in the Middle East Monday, after weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as feared. Oil prices slid more than 6%, although Citi analysts discounted the chance of an escalation that disrupts oil supplies.

U.S. stocks opened higher as investors looked ahead to a batch of mega-cap technology earnings to keep driving the Nasdaq Composite to new heights this week.

In the Asia-Pacific region on Monday, Japan’s benchmark Nikkei 225 and its Topix index climbed, supported by a weak yen amid political uncertainty as the ruling LDP lost its parliamentary majority.

Source: CNBC

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