Oil stocks and banks help European shares steady above six-month low
Reuters
Published Oct 09, 2018 03:39AM ET
Oil stocks and banks help European shares steady above six-month low
MILAN (Reuters) - European shares steadied in early trading on Tuesday as Chinese equities stabilized after a heavy sell-off and immediate worries over a stand-off between Rome and Brussels over Italy's spending plans appeared to ease.
Strength in oil stocks on higher crude prices and a rise in banking stocks on rising global yields helped drive the pan-European STOXX 600 index (STOXX) up 0.05 percent by 0719 GMT, just above the 6-month closing low hit on Monday. Germany's DAX (GDAXI) and Britain's FTSE 100 (FTSE) were flat.
The oil and gas index (SXEP) rose 1.1 percent, while basic resources stocks (SXDP) were also in demand, up 1.3 percent as metal and crude prices rose. [MET/L] [O/R]
Banks added 0.5 percent with Italian lenders leading the way, up 1 percent after a report that the Italian government was planning investor roadshows to support the bond market.
German lender Commerzbank (DE:CBKG) rose 2.8 percent after an upgrade to overweight from JPMorgan (NYSE:JPM).
RPC Group (L:RPC) rose 4.6 percent after the plastic packaging maker gave two private equity firms that are considering rival takeover offers more time to make bids.
Defensives were broadly lower, keeping a lid on gains, while Sage Group (L:SGE) led fallers on the STOXX 600, down 5.8 percent, after a downgrade from Barclays (LON:BARC).
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Written By: Reuters
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