Why it matters
- The STOXX 600 traded at 635.35 around 12:40 GMT, up 0.60% from Friday's close, as Germany's DAX gained 0.69% and Britain's FTSE 100 rose 0.73%.
- Banks led the gains, Trading Economics reported. HSBC rose 1.9%, Standard Chartered 1.8% and Spain's Santander 1.2%, Yahoo Finance data showed.
- Brent crude swung from a low of $102.35 to about $106.79 a barrel, up 2%, after weekend attacks on Saudi Arabia and a tanker in the Strait of Hormuz, Trading Economics said.
Session recap: what happened in this region's trading day, with sources.
European stocks rose for a second day on Monday, Oct. 12. The STOXX 600 traded at 635.35 around 12:40 GMT, up 3.80 points, or 0.60%, from Friday's close of 631.55, according to Yahoo Finance data. Bank shares led the advance, Trading Economics reported, while investors looked ahead to a busy week of earnings and U.S. inflation data.
| Index, about 12:40 GMT | Level | Change |
|---|---|---|
| STOXX Europe 600 | 635.35 | +0.60% |
| Euro STOXX 50 | 6,204.66 | +0.51% |
| DAX (Germany) | 25,261.45 | +0.69% |
| FTSE 100 (U.K.) | 10,629.44 | +0.73% |
| CAC 40 (France) | 7,826.86 | +0.30% |
| FTSE MIB (Italy) | 50,069.93 | +0.65% |
| IBEX 35 (Spain) | 19,185.20 | +0.80% |
Source: Yahoo Finance chart data. Changes are from Friday's close.
Why are European stocks up today?
Banks pulled the market higher. HSBC rose 1.9% and Standard Chartered 1.8% in London, while Santander and BBVA each gained about 1.2% in Madrid, Yahoo Finance data showed. Trading Economics said lower oil prices early in the day helped sentiment, and investors weighed Middle East tensions against a U.S. claim of an energy ceasefire between Russia and Ukraine.
Carmakers also gained. Renault rose 1.7%, Yahoo Finance data showed. Volkswagen was up 0.8% ahead of an investor update and third-quarter sales figures, Trading Economics said. Wind turbine maker Nordex climbed 2.5% after reporting a 30% year-on-year rise in third-quarter order intake, according to Trading Economics.
What is happening with oil?
Prices reversed higher. Brent crude futures fell as low as $102.35 a barrel early Monday, then rose to about $106.79 around 12:45 GMT, up 1.98% from Friday's settlement of $104.72, Yahoo Finance data showed. Trading Economics said Saudi Arabia's main airport came under attack again on Sunday amid renewed fighting involving Iran-backed Houthi forces, and another tanker was targeted in the Strait of Hormuz.
BP rose 0.7% and Shell 1.0% as crude climbed, Yahoo Finance data showed.
Bonds and currencies
Germany's 10-year Bund yield was near 3.48%, and France's 10-year yield was near 4.88%, Trading Economics data showed. The euro slipped 0.21% to about $1.1182, and the British pound was flat near $1.3234, according to Yahoo Finance data.
In Germany, Labour Minister Bärbel Bas said she would step down from that post and as leader of the Social Democratic Party, Trading Economics reported.
What comes next for Europe?
Earnings season starts this week. ASML and LVMH report results, Trading Economics said. U.S. consumer prices for September are due Wednesday at 8:30 a.m. ET; see our day-ahead guide. Asia's session, including a 3.65% drop in Seoul, is in our Asia Monday recap. Friday's session is in the Europe Friday recap, and live levels are on the markets page.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Trading Economics, Euro area stock market (STOXX 50)
- Trading Economics, Germany stock market (DAX)
- Trading Economics, U.K. stock market (FTSE 100)
- Trading Economics, Brent crude oil
- Trading Economics, Germany 10-year bond yield and France 10-year bond yield
- Yahoo Finance, chart data for the STOXX 600, Euro STOXX 50, DAX, FTSE 100, CAC 40, FTSE MIB, IBEX 35, Brent crude, EUR/USD and GBP/USD
- Yahoo Finance, stock chart data for HSBC, Standard Chartered, Santander, BBVA, Renault, Volkswagen, Nordex, BP and Shell