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(Bloomberg) — European stocks advanced as oil prices retreated on signs of easing tensions in the Middle East, while investors parsed the latest corporate earnings.
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The Stoxx Europe 600 Index rose 0.6% at 8:30 a.m. in London. Travel and leisure shares were among the biggest gainers, with TUI AG and Deutsche Lufthansa AG up more than 2%.
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AstraZeneca Plc climbed after reporting higher-than-expected profit, buoyed by the UK pharma company’s blockbuster cancer medicines.
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Energy stocks were leading losses, weighed down by sector heavyweights such as TotalEnergies SE and Shell Plc.
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Brent crude fell 6.0% to trade at $91 per barrel after the US paused an almost two-week run of strikes against Iran for a second night while the Islamic Republic signaled it was refraining from any retaliatory attacks.
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“I think we have a higher chance of a lasting deal going forward,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “With little meaningful targets left and air defense capabilities depleted, the only viable option seems to be negotiations.”
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The European benchmark closed higher last week as strong company results buoyed sentiment. The Stoxx 600 index is on track to deliver its strongest first-half earnings growth in the past three years, according to Goldman Sachs Group Inc. strategists.
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Still, gains have been concentrated in a handful of names this year. Almost 60% of the region’s 8.8% advance has been driven by just 10 stocks, with ASML Holding NV alone contributing nearly a quarter of the gains.
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In other individual stocks, Zabka Group SA fell 11% after Japan’s Seven & i Holdings Co. ended talks over a potential investment in the convenience store chain.
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For more on equity markets:
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- Luxury’s Earnings Turnaround Is Still a While Away: Taking Stock
- M&A Watch Europe: Commerzbank, DCC, Irish Continental, Pinewood
- Stock Futures Rise as Oil Declines on Pause in US-Iran Strikes
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—With assistance from Michael Msika.
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English (US)